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Perspectives

No hurricane yet, but still too much money floating around

by Fortem Financial June 6, 2022

JP Morgan CEO Jamie Dimon caused a stir lately when he talked about a "hurricane" hitting the US economy. We think he may eventually be right, but is way too early. The employment report for May confirmed that the US economy continues to grow. Both major measures of jobs went up in May: nonfarm payrolls rose 390,000, while civilian employment increased 321,000. Total hours worked expanded 0.3%. Has a recession already started? Certainly not. Notably, there is some evidence of a transition in t… View More

A Welcome Pause that Refreshes

by Fortem Financial May 31, 2022

Stocks were sharply higher (S&P 500 +6.6%), breaking the multi-week downward trend. As we covered in recent weeks, stocks rallied on a large oversold condition and extremely negative sentiment. The best sectors were consumer discretionary (+9.3%), energy (+8.2%), technology (+8.1%), and financials (+8.1%); the worst sectors were healthcare (+3.3%) and communication services (+3.6%). What we’ve found notable about the market’s rally over the last week is that it hasn’t put any dent in … View More

Earnings Concerns Keep Market Heavy, but a Rally Likely Soon

by Fortem Financial May 23, 2022

U.S. equities fell (-3.0% for the S&P 500) for the seventh straight week. The DJIA fell for the eighth week in a row, the longest losing streak since 1923. The S&P 500 briefly dipped into 20+% decline territory, the traditional definition of a bear market. Multiple bearish themes dominated the dialogue. Three sectors were up for the week: energy (+1.4%), healthcare (+0.9%), and utilities (+0.4%); worst sectors were consumer staples (-8.6%) and consumer discretionary (-7.4%). The Federal… View More

Q1 Earnings update…Time For An Oversold Stock And Bond Rally?

by Fortem Financial May 17, 2022

U.S. equities were lower last week (S&P 500 -2.4%) for the sixth straight week (the longest stretch in over ten years). During the midweek selloff, the S&P 500 hit the lowest point since March 2021 and the NASDAQ since November 2020. The bearish case for equities focused on monetary tightening, persistent inflation, China COVID lockdowns, recession fears, and extended valuations. The only positive sector for the week was consumer staples (+0.3%); the worst sectors were REITs (-3.9%) and … View More

Fed Struggles to Thread the Needle

by Fortem Financial May 9, 2022

Equities fell last week with the S&P 500 down 0.2%, masking a huge rally on Wednesday and a big decline on Thursday. This was the fifth straight week of equity market decline. Equities fell due to headwinds from a continued back-up in yields (10-year yields were up 24 basis points). Best sectors were energy (+10.2%) and utilities (+1.3%); worst sectors were REITs (-3.8%) and consumer discretionary (-3.4%). 1Q Earnings Season In Line With Historical Average; Outlooks More Worrisome With mo… View More

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We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

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To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

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