Market Commentary A Closer Look at Ongoing Trends and Themes in the Financial Markets In the Markets Now | September 21 2020When the World BreaksWhat works when the world breaks? The diversifiers that outperform when stocks fail.Weight of the Evidence | September 16 2020Evidence Suggests "Healthy" Correction OngoingThe weight of the evidence remains neutral. Fed policy has benefited investors, but the Main Street recovery has been more uneven (and is becoming increasingly so).Strategas Asset Management | September 11 2020Further Recovery Gets More DifficultFurther economic gains will get harder going forward, the election is taking center stage in Washington, and deficits generally bode well for equities.In the Markets Now | September 11 2020The Portfolio You can Sleep WithOn the active bet of ESG and its investing implications. Stock Market Update | September 10 2020What Makes for a "Healthy" Correction?Concern replacing complacency while not significantly damaging underlying breadth trends would be considered healthy. The Informed Investor | September 9 2020Five Key Concepts for Financial SuccessTaking a comprehensive approach to your financial life.In The Markets Now | September 4 2020Labor Day Labor UpdateAs we recover from one of the deepest recessions ever, a few key trends in the job market as we try and get back to normal.Stock Market Update | September 2 2020Reflections After an Exceptional Month Within an Extraordinary YearMore than half of the days in August saw more S&P 500 stocks down than up, yet the index itself posted a 7% gain for the month (its fifth consecutive monthly increase and largest since April).Strategas Asset Management | August 28 2020Economic Data Remains MixedEconomic data remains mixed, the election is becoming a referendum on Covid-19, and equities continue to move higher.In The Markets Now | August 28 2020Longevity RiskOn the risk of retirees being under-invested in stocks.Market Commentary | August 27 2020Despite Noise, Breadth Still BullishIndustry group trends expanding while sector-level trends are still supportive; however, lack of new highs can make strength difficult to sustain. Confirmation of S&P 500 rally hard to find.Strategas Asset Management | August 21 2020More Timely Data Showing Mixed SignsEconomic data is mixed, mail-in ballots may delay the election results, and higher budget deficits historically meant higher equity returns.In The Markets Now | August 21 2020Best 100-Day Stretch EverTaking stock of the market after a historic run.Strategas Market Research | August 14 2020How Much Longer?With recovery reliant on fiscal stimulus for income replacement, and without an organic driver of growth, it will be difficult to reach previous levels of activity.In The Markets Now | August 14 2020A "Surprising" Market RallyHow Beaten Expectations Fueled a Rapid RecoveryWeight of the Evidence | August 12 2020Excessive Optimism & Seasonal Shift Offset Breadth GainsShifting from bullish to neutral suggests after summer lull, volatility could be set to rise again.Strategas Asset Management | August 7 2020Recovery Continues Albeit SlowlyStimulus negotiations not going well and top heavy market returns.In The Markets Now | August 6 2020The Weakening DollarDollar softness and its investment implications. Market Commentary | August 5 2020Gold Rallies as Real Interest Rates FallGold is more sensitive to real interest rates than currency swings and has outperformed stocks over past two years and past two decades.Weight of the Evidence | July 28 2020Path Forward for Stocks Could Have an Upward BiasAs sustainability of Q2 strength is tested, expect continued volatility.In The Markets Now | July 24 2020The Low Rate ProblemThe Wealth Management implications of historically low interest rates. Strategas Asset Management | July 24 2020Housing a Bright Spot In The U.S.With interest rates low and the worst of the global lock-down likely behind us, U.S. housing looks to have some pent-up demand.In The Markets Now | July 22 2020The Biggest Near-Term RiskThe importance of continued coronavirus fiscal relief. Stock Market Update | July 22 2020Thoughts on Risks and Portfolio Management in Advance of the Presidential ElectionFour significant points to consider as November draws near. Strategas Asset Management | July 17 2020Don’t Move the Goal Posts, Change the Play"Our style bias remains tilted in favor of growth."Market Update Q2 2020Historic RallyDespite the global pandemic and subsequent recession, the S&P 500 had its best quarter since 1998.Weight of the Evidence | July 14 2020Tilts Bullish Despite Economic ChallengesWall Street improvement has run ahead of Main Street recovery and path forward for economy likely to be uneven.In the Markets Now | July 10 2020Don't Miss the Best DaysVolatility, bear markets and the difficulty of market timing. In the Markets Now | July 8 2020The Most Important NumberOn taking back control in an uncertain world. The power of saving.In the Markets Now | June 29 2020Politics and InvestingOn ignoring the political noise and staying invested for the long-term.In the Markets Now | June 18 2020The Importance of Financial AdviceHow market volatility can negatively influence decision-making. In the Markets Now | June 16 2020Consumer Bouncing BackRetail sales beat expectations, but be wary of misleading headlines.In the Markets Now | June 11 2020Investing AbroadWhy maintain an allocation to international assets?June 11 20202020 Providing Plenty of Volatility but Little ProgressKnowing the ride keeps investors leaning in the right direction.June 3 2020Unrest and UncertaintyDespite countless challenges, the market has persevered. May 29 2020Is The Market Due For A Pullback?Actions investors can take following a historic rally. May 28 2020Recent Rally a Sign of Strength or Just Reaction to WeaknessEvidence suggests bear market has run its course.May 26 2020Bonds and Deflation RiskDespite hyper-low rates, fixed income still has a place.May 19 2020Finding Normal After the StormWeight of the Evidence tilts bullish on broad market update.May 15 2020When Every Buy is a Good BuyOn the need for younger investors to take a longer view. May 13 2020Q & A on Interest Rates and the Federal ReserveThe Fed will do what it can to minimize the duration of the economic weakness and help support a return to growth.May 11 2020UnprecedentedDevastating April jobs report a sign of the times. May 11 2020What Will the Consumers Do?As the economy reopens, consumer behavior takes center stage. May 7 2020Curiosities and Conundrums Keep Focus On Weight of EvidenceUtilities & Financials making multi-year lows, investor sentiment is mixed, breadth stalling. APRIL 2020 CHARTBOOKMonthly Market Chartbook At a glance by equity asset classes, benchmarks, countries and fixed income. Fixed Income |Apr 2020Yield Curve Flattens Modestly as Fed’s Bond Buying Continues, Fiscal Response Takes HoldThe benchmark 10yr Treasury yield declined 7 bps in April, ending the month at 0.63% as the Fed continued its massive bond buying program.Muni Fixed Income | Apr 2020Curve Steepens as Municipal Market Begins to StabilizeGradually found footing following unprecedented volatility in March.Apr 30 2020Looking For Strength and Leadership Beyond the S&P 500While the market is close on a lot of fronts to seeing evidence of sustainable improvement from a price and breadth perspective, it remains shy of important thresholds.Apr 29 2020The Big Five Throws Its Weight AroundRapid fire on historic market concentration. Apr 27 2020Looking Forward vs. Looking BackRecap and perspective on finding leading indicators in an uncertain world. Apr 21 2020Market’s Focus Shifts To Economic ChallengesVolatility has remained elevated and spreading into economically sensitive areas of the financial markets.Apr 17 2020Risk vs. Uncertainty On the historic uncertainty rolling markets. Apr 16 2020How Shifting Uncertainty Can Fuel a RallyOn reconciling record market gains with economic reality.Apr 16 2020Price Gains Overstating Health of the RallyTime needed to build base of support for sustainable uptrend.Apr 15 2020Q1 2020 Review and OutlookThe long-lasting bull market came to a close as the novel coronavirus spread globally. Investors braced for a recession by selling equities in favor of higher quality fixed income and gold. 10-Year Treasury yield ended thequarter at 0.7%.Apr 8 2020The Bottoming ProcessOn being patient while markets bottom, and prepared when they rally.Apr 8 2020Rally Gains Strength but Not Ruling Out Re-TestWe continue to look for longer-term trends to improve as opposed to offering short-term trading recommendations in a volatile market.Apr 2 2020Uncertainty Will Yield To Opportunity After Testing ResolveAdapting to uncertainty provides fuel for growth.Mar 25 2020Investment Strategy OutlookEvidence argues for patience in face of COVID-19 weakness.Mar 20 2020Lessons Learned From Investing in Volatile TimesHow to avoid common mistakes.Mar 19 2020An Open Letter to Fellow Twenty-Something InvestorsOn being a millennial in a market panic.Mar 19 202030,000 Foot PerspectiveThe market rises more often than it falls. Mar 16 2020Thoughts on Fed Action and the “Costs” of Market TimingThe sooner the crisis is addressed, the more quickly markets can bottom. Mar 16 2020Emergency Rate Cut - The SequelMaking sense of the Fed's aggressive policy decision.Mar 11 2020The Difficulty in Timing Big Market DropsAt Baird, we prefer the old investing adage: time in the market beats market timing.Mar 10 2020Oil in FreefallOPEC+ Coronavirus = Fears weight on oil prices. Mar 5 2020Rally Attempts Lacking Broad Market SupportThere is little evidence at this point that the downside momentum that emerged last week has subsided. Until such evidence is in hand, we are encouraging investors who are on the sidelines to remain patient.Breadth trends deteriorating. Look for improving momentum before getting more constructive. Seeing some evidence of pessimism but long-term sentiment not yet unwound.Mar 3 2020 | More on Fed CutEmergency Rate CutA timely market topic distilled into just a few words and a chart.Mar 3 2020Federal Reserve Move Today, Volatility, CoronavirusThe central issue is will the virus be a short-term disruption or create long-term disturbances in the economy.Mar 2 2020Stocks Hope For Help From The FedToday’s rally was a welcome relief following last week’s intense selling. After an impressive price move in the indexes, it is now important to see improved breadth if strength is going to persist.Feb 27 2020Volatility Challenges Investor ComplacencyCyclical rally challenged by deteriorating breadth. Sentiment shifts but pessimism is slow to build. Once selling ebbs, be alert for breadth thrusts. Feb 26 2020Escalator Up, Elevator DownSudden market volatility offers a good chance to assess your true risk tolerance.Feb 14 2020The 5G OpportunityA high-level look at the market-altering technology.Feb 14 2020Gold As An Investment?While a small allocation may make sense for diversification, we prefer common stocks for long-term growth and bonds for safety and income.Feb 13 2020Breadth Check-Up Reveals Healthy ParticipationLarge-caps are leading, but others are following. Optimism rebuild outpacing momentum gains.Feb 6 2020After Virus Concerns, Focus Shifts to momentum and SentimentBond yields not showing same confidence as stocks with an ease in optimism but lacking pessimism. Rebuild in momentum would sustain stock market rally.Jan 30 2020Interested in the Election? Watch the MarketStock market likely to anticipate election outcome as incumbents lose when economic dissatisfaction is elevated. Rate cuts and weakening breadth not consistent with economic strength.Jan 27 2020Volatility on the Rise, But Look Past HeadlinesWith popular averages just a few days removed from all-time highs, the benefit of the doubt remains with the bulls.Jan 23 2020Strong Momentum Offsetting Elevated Optimism for NowSentiment surveys shows widespread optimism and complacency. With momentum tailwind, elevated optimism can persist. Equity fund flows will signal that near-term sentiment has reached an extreme. Have a Question Name Email Address Phone Question Thank you! Oops!