Monday, March 13, 2017

Hussman Funds Commentary … Raymond James Excerpt … Stock Price to Monetary Policy … Stock Market Analysis … Trading ETFs and ETF Ranking

JOHN HUSSMAN EXCERPT (Hussman Funds) “Presently, we observe the broadest market valuation extreme in history, with the steepest median valuations on record, and the most reliable capitalization-weighted measures within a few percent of their 2000 peaks. In addition to extreme valuations, bullish sentiment, and consumer confidence, market action has deteriorated in interest-sensitive sectors, and internal dispersion has been widening more broadly. As of Friday, more than one-third of stocks are already below their 200-day moving averages. Indeed, even with the major indices near record highs, more NYSE-traded issues set new 52-week lows last week than new highs, while credit spreads abruptly widened. All of these considerations have been remarkably useful in helping to identify points of risk and opportunity in prior market cycles, and …I’m convinced that these considerations are relevant here.” – John Hussman, PhD, Weekly Market Commentary at…
Inside Jeffrey Saut’s weekly commentary we find the following:  “…the main and bigger move for equities remains higher given an economy that in general continues to improve and a Fed that remains net accommodative. But in the short term there are some divergences when we look at credit markets, breadth, and perhaps evidence of early rotation out of more cyclical groups into more defensive groups which suggests risk appetite may be waning a bit. The longer this divergence lasts as equities move higher the bigger the correction within the context of our current cyclical and secular bull market. Proceed cautiously for now.” - Mick St. Amour, ‎Investment Analyst at Merrill Lynch.
“…look at stock prices is in relation to monetary velocity…we see something totally unprecedented.” – Jesse Felder.