SPX Reverses 4-Month Downtrend as 10-Yr Treasury Yield Breaks Key Support; Upgrading Discretionary In last week's Compass (July 26) we discussed some positive signals that we believe suggested the lows for this bear market may have already been established, or that downside is limited from here. We continue to see more evidence that supports this claim; as a result, we are upgrading our outlook to neutral. Positive Signals: S&P 500, Nasdaq 100, 10-Yr Treasury Yield, Small-Cap Growth. Last week...
Panic Buying Achieved, Waiting for More Confirmation of a Bottom While panic selling has occurred during a few sessions over the past month (back-to-back 80%+ NYSE downside volume days, and two other 90%+ downside volume days), we maintained that buying demand, or panic buying, was needed before we could signal that a bottom had been made. We finally saw panic buying last Friday in the form of 92% upside volume on the NYSE. There is hope that this panic buying could signal that a major bottom i...
Major Indexes Testing Critical Supports The false breakout in the Russell 2000 (IWM) and subsequent break below $230 tells us that the mixed market environment is back, and we no longer see a broad-based bull market. While there continues to be attractive pockets of strength, we are neutral overall. Market dynamics have deteriorated along with the major averages, and many are testing critical supports; as long as supports hold we expect more consolidation and mixed markets ahead. Major US and Gl...
Shifting To Growth As 10-Yr Yield Breaks Key Support We are beginning to see some mild deterioration in market dynamics, including a break below the key 1.45% support level on the 10-year Treasury yield which is coupled with underperformance from small-caps and value Sectors. Still, other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Sector Relative Strength Rankings & Weighting Recommendations. We are shifting toward favoring gro...
ASGN currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.8x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 48% in 2018 to 23% in 2023, accompanied by 8% Uniform Asset growth going forward. However, analysts have less bearish expectations, projecting Uniform ROA to only fade to 47% in 2020, accompanied by 12% Uniform Asset growth. Meanwhile, management is excited about the durability of their profit m...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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