When you think of all the market dislocating news that is potentially out there, we note the following:

  • Credit is acting well, especially on the corporate side
  • Our four key tactical indicators are solid
  • Small caps, the cyclical sectors are beating the defensive sectors
  • S&P 500 (SPX) EPS are beating expectations according to Refinitiv with 83.6% besting the consensus thus far.  All eyes will be on Q3/2019 SPX EPS releases this week with just over 25% of component issues reporting EPS.
  • There is 88.4% chance of an October Fed rate cut according to Bloomberg, suggesting it is already priced into the market.


Not a bad way to start the week.  I will be on CNBC’s “Fast Money” tonight in the 5pm hour to discuss our Macro and Market outlook, and then off to a charity dinner for an amazing organization – Youth Inc.  This is an organization whose mission is to transform the lives of New York City youth by empowering the nonprofits that serve them.


As an FYI, I will be in the final week of major travel with a trip to Calgary, Edmonton, and Vancouver to meet with our team and their clients.  We will let you know if there is anything interesting we are hearing that isn’t already priced into the market.  Have a great day – Tony


Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expensesAll data points are sourced from Bloomberg as of 10/21/19 unless noted otherwise.

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