FSI Sector Allocation
- FSI Sector Allocation
I did a deep dive into my sector (GICS L-1) work and have updated my thoughts. The main positioning takeaways remain unchanged from my last couple of updates — relative attractiveness for Defensive non-cyclicals and select offensive Growth, with above-Neutral views for Health Care, Staples,...
- FSI Sector Allocation
2022 December FSI Sector Outlook
I did a deep dive into my sector (GICS L-1) work and have updated my thoughts. The main positioning takeaways remain unchanged from my last update — relative attractiveness for Defensive non-cyclicals and select offensive Growth, with above Neutral views for Health Care, Staples, Utilities, and Energy. I remain below...
- FSI Sector Allocation
2022 November FSI Sector Outlook
Despite the U.S. equity market having an explosive start to October, my work and key indicators remain unfavorable. The ASM indicator for the S&P 500 is continues to weaken and still needs more time to reach its maximum pessimistic reading for this cycle. Historically, this does not bode well for...
- FSI Sector Allocation
2022 October FSI Sector Outlook
Despite the U.S. equity market having an explosive start to October, my work and key indicators remain unfavorable. The ASM indicator for the S&P 500 is continues to weaken and still needs more time to reach its maximum pessimistic reading for this cycle. Historically, this does not bode well for...
- FSI Sector Allocation
2022 September FSI Sector Outlook
My work and key indicators remain unfavorable now that “Dovish Pivot” by the Fed has been definitively taken off the board, and for now equity market downside risk is considerable. The ASM indicator for the S&P 500 is still falling and looks to need more time to reach its maximum...
- FSI Sector Allocation
2022 August FSI Sector Outlook
The rally which began at the June lows for the S&P 500 is still making its way higher as it gained some fuel last week after the FOMC meeting and Chair Powell’s press conference comments, which were taken quite bullishly because of some interpreting that a “Dovish Pivot” had been...
- FSI Sector Allocation
2022 July FSI Sector Outlook
Despite a rally in the back half of June, the month and the quarter were terrible, which ranks among one of the worst six-month starts of a year ever. There were a host of reasons behind the weakness in June, but chief among them were growing economic slowdown fears and...
- FSI Sector Allocation
2022 June FSI Sector Outlook
During the back half of May, the equity markets had a weekly up close after eight consecutive weeks of losses. I had been expecting a bounce given the persistence of selling, but my key indicators are not flashing the all-clear signal. Based on my work, we are not out of...
- FSI Sector Allocation
2022 May FSI Sector Outlook
As readers should know by now, I have updated my macro view in US equities. I began the year forecasting a turbulent 1H22 to be followed by a constructive 2H22 that would have been a resumption of the bull market. Please note that my view has now shifted to outright...
- FSI Sector Allocation
2022 April FSI Sector Outlook
The investing backdrop continues to be quite challenging as there are lots of news headlines regarding Ukraine/Russian nearly daily and they are often conflicting. The spillover into commodity markets, inflation, interest rates, and central bank policy are also contributing to the elevated levels of volatility. As these dominoes fall, the...
- FSI Sector Allocation
2022 March FSI Sector Outlook
The market is undoubtedly enduring a time of great uncertainty. In my opinion, it’s important during times like these to get grounded in process and data to try and diminish your natural emotional responses. One thing I’ve learned over my decades of investing experience is that while periods like these...