Technicals

Market Call

Feb 25, 2023 2 min read paid

The S&P 500 was up 16.9% from last year’s low of 3577.03 on October 12, 2022 through this year’s high of 4179.76 on February 2 (chart). We still view last year’s low as the end of the bear market that started on January 3, 2022. We believe that the rally since then is the start of a new bull market, though we

Stephen Rybka

Market Call

Feb 4, 2023 2 min read paid

Our go-to market maven is Joe Feshbach. We asked him to share his latest thoughts about the S&P 500 from his perspective based on his 40+ years of trading the markets. He has turned cautious:

Ed Yardeni

Technicals Confirming Bear Bottomed Oct. 12

Feb 3, 2023 1 min read

The S&P 500 blasted higher through its 200-day moving average over the past few days (chart). The four previous attempts to break out of this average failed. This one should succeed. The S&P 500's 50-day moving average has just risen slightly above its 200-day moving average, which may be bottoming now. Last summer and fall we observed that the Investors Intelligence Bull/Bear Ratio

Ed Yardeni

Betting On S&P 500 Sectors In 2023

Jan 30, 2023 1 min read paid

While stock picking may be back in style and momentum investing is running out of momentum, we are still keeping track of the relative performance of the 11 S&P 500 sectors to one another and to the overall index (chart). Our four favorite sector picks for this year are Energy, Financials, Industrials, and Materials. These are our overweight recommendations. We would market-weight Information Technology and Health Care. We

Ed Yardeni

Market Call

Jan 28, 2023 1 min read

Here is Joe Feshbach's latest take on the S&P 500: "The index is getting closer to its two previous highs of 4100,and thus a possible break above that level." That's been his target at the beginning of this rally and he sees "no reason to alter it." He adds, "The sentiment numbers just do not support a big

Ed Yardeni

Good Breadth

Jan 23, 2023 2 min read paid

One of the best market timers we know is Joe Feshbach. We were colleagues at Prudential-Bache Securities during the 1980s. I’ve been summarizing his views on a weekly basis since the beginning of last year. Here are his latest thoughts he shared with me, this past weekend: “The good news is the market got bumpy as predicted, and it lasted a whole two days. The chart I’ve been

Ed Yardeni

Getting Technical

Jan 17, 2023 1 min read paid

Here is Joe Feshbach's latest trading call: "The market has rallied according to plan accompanied by improving breadth numbers. The put/call ratio has moved back to neutral (chart). I would’ve preferred more skepticism on the rally. So while the market should eventually get to the upper end of its trading range it could get a bit bumpy soon. The chart I alluded to last week

Ed Yardeni

Feshbach's Market Call

Jan 6, 2023 2 min read paid

We asked Joe Feshbach, our go-to market trading maven for his latest thoughts on the stock market as the new year begins. Here they are:

Ed Yardeni

2023: Another Year of Living Dangerously?

Dec 26, 2022 2 min read

With the benefit of hindsight, the title of this QT certainly applied to 2022. It was a tough year for investors. The consensus view is that 2023 could be as tough: (1) A December NYT opinion piece by Peter Coy is titled, "A Strong Signal That Recession Is Looming." He focuses on the inverted yield curve, which often in the past accurately predicted a financial crisis that morphed

Ed Yardeni

Technicals Remain Bullish

Dec 8, 2022 1 min read

Jitters about a consumer-led recession over the past few days pushed the CBOE equities Put/Call Ratio up to 1.46 yesterday (chart). That's a very elevated reading and suggests that there is too much pessimism. It favors a yearend rally rather than a yearend crash. There is also still lots of bearishness in Investors Intelligence Bull/Bear Ratio. It rose to 1.34 this past week (chart)

Ed Yardeni

Feshbach's Market Call

Dec 5, 2022 1 min read paid

Before Friday, we had four excellent put/call ratios in a row and six out of the last 7 day excluding Friday, which was the first poor reading. The market also had a noticeable improvement in breadth on the latest rally.

Ed Yardeni

Calm Waters For Now

Dec 3, 2022 2 min read paid

The S&P 500 recovered nicely on Friday after it reacted badly to the morning's stronger-than-expected November payroll report, especially the higher-than-expected gain in wages. The knee-jerk reaction was that the end of the Fed's monetary tightening cycle would take longer to occur. But by the end of the day, the S&P 500 was down just 0.12% and remained above its 200-day

Ed Yardeni

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Market Call

Market Call

Technicals Confirming Bear Bottomed Oct. 12

Betting On S&P 500 Sectors In 2023

Market Call

Good Breadth

Getting Technical

Feshbach's Market Call

2023: Another Year of Living Dangerously?

Technicals Remain Bullish

Feshbach's Market Call

Calm Waters For Now