We first separated the SPX in the S&P 5 vs. the S&P 495 in late-July, and showed how a handful of tech titan stocks dominated S&P 500 returns especially since 2015. This was part of our drilling deeper in the…
In this Monday’s Strategy Report we upgraded the S&P hotels, resorts & cruise lines index to an above benchmark allocation in light of the improving macro backdrop. Consumer sentiment has staged a W-shaped…
Our macro view assumes a lower US dollar in the New Year. Our sister BCA Foreign Exchange service published a Strategy Report last week exploring a possible 1.50 print on EUR/USD. The bottom panel of the chart shows that…
Dear Client, As is custom every year, next Monday November 30 instead of our regular Strategy Report you will receive BCA’s flagship publication “The Bank Credit Analyst” detailing the house views and themes for next…
Today we update our Millennial Basket as TSLA and UBER have gone vertical this month rising 29% and 46%, respectively. Specifically, we rebalance the basket back to an equal weight with AAPL, UBER, LEN, and TSLA being rebalanced lower,…
This week we removed the S&P insurance index from our underweight list capitalizing gains of 38% since inception. The underweight served its hedging purpose and softened the blow from our previous exposure to banks.…
Since late summer we have published a number of reports arguing for a rotation out of expensive tech titan stocks and into beaten down late-cyclicals. Taking a closer look at the Nasdaq 100/S&P energy ratio is instructive…
Similar to last Monday, the SPX opened weekly trading with gusto courtesy of the MRNA’s 94% efficacy vaccine news, but failed to breach previous all-time highs. In the short-term there are high odds that the SPX will move sideways,…
Highlights Portfolio Strategy The hardening insurance market on the back of firming demand for insurance services especially in residential real estate and automobile markets compel us to lift insurers to a benchmark allocation. A…
The market has rallied roughly 10% this month, and while we remain cyclically and structurally bullish, a short-term consolidation period is likely in the cards. As Chart 1 highlights below, extremely easy financial conditions along with…