Macro

Tony is best known for the practical application of macro data.  He will use his 30 years of experience to evaluate what data matters and how you can apply it to your investment process.

Tactical and early EPS season update

Median post-crash reflex rally still points to a retest... The SPX has rallied 13.5% off the 12/24/18 low in just 17 trading days. While the reflex rally seems unbelievable, based…

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Our earnings season outlook

Highlights Our analysis of corporate tax payments indicates that companies are likely going to beat expectations this earnings season by a smaller margin than has been the case for…

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January Macro Slide Deck

Last year began with a global synchronized recovery, historically low volatility, extreme bullishness, a ramping economy, and the potential for greater than 20% S&P 500 (SPX) operating EPS growth. We…

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Still looks like policy-driven market event

Human nature is very consistent – pain is the ultimate motivator for change, and a 20% market swoon in under three months has most tactical and historical indicators suggesting extreme…

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Extremes and expectations

The S&P 500 (SPX) dropped by 7% last week and broke through the bottom from late October through early December. That means the whole intermediate-term bottoming process will need to…

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