• August 14, 2019

    Volatility, volatility, volatility: that has been the theme of this market since January of 2018. I would never invest without the HCM-BuyLine Alpha because there is real risk out there that needs to be managed. The market is still above the HCM-BuyLine Alpha, so we will maintain our equity holdings until the market falls below the HCM-BuyLine Alpha.
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  • August 7, 2019

    The HCM-BuyLine Alpha has dropped, and we are watching it closely. We will reduce equity exposure if the markets close 3.25% below the HCM-BuyLine Alpha. This bull market is the longest running in history, and sooner or later it will end.
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  • July 31, 2019

    The HCM-BuyLine Alpha is still strong, as you can see from the chart above. We see the market moving higher in Q3 and Q4, and any dips should be seen as a buying opportunity. We expect the Fed to drop rates a quarter of a point today because they have been signaling such a move for a few weeks. Not dropping rates now could be very damaging.
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  • July 24, 2019

    Last week’s market action was particularly telling, reinforcing the Cyclical stock narrative. The S&P began to pause and pull back. Bond proxies, staples and defensive leadership underperformed, while a broad list of Cyclicals not only outperformed but rallied in absolute price as well.
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  • July 17, 2019

    Another short-term pullback appears likely given daily trading indicators are again overbought and turning down following the June-July rally that pushed major US equity indices to new highs last week. Profit-taking heading into Powell’s testimony this week and the beginning of earnings next week would not be surprising, but as always, we recommend investors remain focused on two key investment horizons.
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  • July 10, 2019

    Another short-term pullback appears likely given daily trading indicators are again overbought and turning down following the June-July rally that pushed major US equity indices to new highs last week. Profit-taking heading into Powell’s testimony this week and the beginning of earnings next week would not be surprising, but as always, we recommend investors remain focused on two key investment horizons.
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