2018 1st Quarter Update

2019-09-13T13:27:04-06:00April 22, 2018|Quarterly Commentary|

The calm year of 2017 has given way to a new dynamic so far in 2018, one where volatility has returned.  The first quarter saw more 1% and 2% swings in the US stock market indexes than all of 2017 and in some cases 2016 combined.  The Dow Jones Industrial Average rose 10 straight months through January 2018—this streak ended [...]

2017 4th Quarter Update

2019-09-13T13:30:22-06:00January 31, 2018|Quarterly Commentary|

2017 was arguably the calmest year ever for the stock market.  It was the first year in which the SPX total return was positive every single month (the closest was 1995 which had 11 positive months and a slightly negative October).  The stock market has set new records for the most consecutive days without a 5% correction (broken on Monday [...]

2017 3rd Quarter Update

2019-09-11T11:27:40-06:00October 30, 2017|Quarterly Commentary|

Another quarter of upward moving stock prices and multiple records being set by all the major indexes.  The bull market is now officially the second longest in history, only being eclipsed by the 1982-1999 run.  Not only that but just last week we reached the longest stretch in history without experiencing a 5% correction (now over 360 days) and this [...]

2017 2nd Quarter Update

2019-09-11T11:27:53-06:00July 28, 2017|Quarterly Commentary|

“The trend is your friend.” This is an old saying regarding the market and momentum. Another is, “Don’t fight the Fed.” These two axioms seem to be heading toward an Old West standoff. The major trends that continue to persist:  Low volatility; the VIX, a common gauge of market volatility had its lowest close this quarter since December 1993, has [...]

2017 1st Quarter Update

2019-09-12T12:27:37-06:00April 28, 2017|Quarterly Commentary|

What a difference a year makes!  When we visited in April of 2016, we were coming off a volatile quarter that saw the stock market experience a 10% decline (in hindsight, the bottom of that particular correction), oil prices were only about 6 weeks removed from being just $26/bbl., the Fed had just raised rates for the first time in [...]

2016 4th Quarter Update

2019-09-12T12:29:16-06:00January 24, 2017|Quarterly Commentary|

Welcome to 2017!  Looking back at 2016 it really was the year of surprises.  Of course the biggest in this country was the results of the Presidential election (fitting I am writing this on Inauguration Day).  However, there were many other surprises along the way.  The biggest global shock was the result of the Brexit vote, the decision by the [...]

2016 3rd Quarter Update

2019-09-13T13:37:24-06:00October 26, 2016|Quarterly Commentary|

As the second quarter came to a close, the third quarter was shaping up to be a volatile one.  However, after enduring the volatility of the Brexit vote right at the end of June, the continued speculation concerning the next Fed action, and the drama surrounding the National Conventions, the market was relatively quiet during the third quarter.  While there [...]

2016 2nd Quarter Update

2019-09-13T13:38:41-06:00July 29, 2016|Quarterly Commentary|

Stocks continued their resilient march upward in the 2nd quarter despite heightened volatility surrounding the Brexit vote.  The UK referendum on whether to exit the European Union caught the markets leaning the wrong way (a rare occurrence) and gave global markets a good shake.  Nevertheless, after two days of selling, the markets started a rally that continues at the time [...]

2016 1st Quarter Update

2019-09-11T12:10:09-06:00April 29, 2016|Quarterly Commentary|

The S&P 500 recovered sharply to close the quarter up 1.35%, despite falling over 10% through mid-February.  The V-shaped recovery in the stock market underscored the heightened volatility seen during the first quarter.  Things got off to a rocky start as the S&P 500 and the Dow posted their worst ever year-opening weeks as the markets continued to digest the [...]

2015 4th Quarter Update

2019-09-12T14:20:22-06:00January 28, 2016|Quarterly Commentary|

After suffering its worst quarterly decline in four years last quarter, the S&P 500 bounced back with a 7% gain in the fourth quarter to close the year up 1.38% on a total return basis.  There were significant disparities in returns across asset classes, highlighted by the 10.5% drop in the Bloomberg Commodity Index.  The energy sector again led the [...]