Staying Selective As Market Leadership Narrows
Markets have continued to move higher, but this week we focused on an important shift beneath the surface: leadership is narrowing, breadth is weakening, and this is becoming a more selective environment. We continue to view the long-term backdrop as constructive. At the same time, we are paying close attention to the signs that […]
Bond Volatility Tests AI Momentum Ahead of Nvidia Earnings
International Equities
Earnings Power Through as Market Leadership Narrows
Cap-weighted indices continue to show constructive trends, but leadership is narrowing. US equities remain in a long-term bull market, supported by strong earnings growth and positive earnings surprises but at the same time, breadth has narrowed, with equal-weighted indices lagging and fewer companies driving index-level returns. That reinforces the need to actively monitor and remain […]
Corporate Earnings Prove More Resilient Than Expected
The Market Is Strong, but the Ice Is Thinning
Markets remain constructive, but increasingly selective.
Selective Strength in a Shifting Market
Market conditions remain constructive, but selective. The S&P 500 and Nasdaq 100 have rallied strongly from their recent lows, earnings have been solid, and breadth has improved across several measures. At the same time, valuations remain elevated, yields remain a risk, and headline-driven volatility is still part of the backdrop. Discipline remains important, with portfolio […]
Celestica Sell-Off, Rails Rally, Banks in Focus
Breadth Firms as Inflation and Cyclical Themes Persist
Summary Market conditions remained constructive, with breadth improving meaningfully across short-, intermediate-, and long-term measures over the past month. We continue to view the market as being in a structural bull market, while keeping price action at the centre of our investment process and using it to guide positioning decisions. Inflation also remained an important […]
Positioning Through Inflation and Volatility
We continue to navigate a market shaped by volatility, inflation concerns, and shifting investor sentiment. While recent market action has shown some improvement, we remain mindful that sharp moves can occur in uncertain conditions. Our focus stays on what the market is actually telling us through breadth, relative strength, and the way different sectors and […]