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 […]
Markets Are Changing. Are You Ready?
On this week’s webcast, we reviewed a market backdrop that remains fragile beneath the surface, even after a strong rebound day. While headline indexes bounced, market breadth has continued to weaken, with fewer stocks in uptrends, fewer stocks above key moving averages, and leadership becoming increasingly narrow. In that kind of environment, we believe it […]
Navigating Volatility Through Selective Re-Entry
Caution, Commodities, and Global Rotation
We are focused on and conscious of the risks posed by geo-politics and cautious as markets continue to show signs of strain. US equities, particularly large-cap technology, have weakened, market breadth has narrowed, and fewer sectors are holding up in established uptrends. At the same time, long-term interest rates remain elevated, which continues to tighten […]
Market Risk, Energy Strength, and Higher Cash
Navigating a Narrowing Market
Long-term market conditions remain constructive, but near-term signals have become more fragile. The S&P 500 remains in a long-term bull market, and several international markets continue to show early-stage secular strength, yet breadth has weakened across the U.S., Canada, and global markets. Fewer stocks are participating in advances, leadership has narrowed, and major indexes have […]