Archive | Technology ETFs

3 Economic Headwinds That Matter More Than You Think

Is the U.S. economy on solid footing? Federal Reserve Chairwoman Janet Yellen seems to think so. In particular, Yellen expressed confidence in household spending as well as job growth during prepared testimony before Congress on Thursday. It is not surprising to see central bank authorities describe current economic circumstances in glowing terms. Later this month, [...] Continue Reading...


Flatter Yield Curve, Narrow Stock Leadership Forewarn Extreme Risk Takers

How confident should diversified investors be that U.S. stocks can power ahead without the extraordinary stimulus of quantitative easing (QE) and zero percent interest rate policy (ZIRP)? Not too confident. Stocks that trade on the New York Stock Exchange are down roughly 7.0% from their May highs and down nearly 3.5% since the last QE [...] Continue Reading...


Are The Tailwinds For Stocks Turning Into Tornadoes?

Recently, I was speaking with one of the co-founders of the popular exchange-traded fund web site, ETF Database. He wanted to get my thoughts about the problems with “buy-n-hold.” I did not hesitate to give him an earful. Rather than chronicle my conversation in its entirety, or reiterate my commentary from dozens of previous articles [...] Continue Reading...


Asset Class Update: Is Diversification Still A Free Lunch?

According to Barry Ritholtz of Ritholtz Wealth Management, a frequent contributor to CNBC as well as Bloomberg, “the beauty of diversification is that it’s about as close as you can get to a free lunch in investing.” Since 2011, however, investors who diversified in stocks outside of the U.S. and who diversified across other asset [...] Continue Reading...


Why The U.S. Stock Market Never Completely Recovered

Some things go unnoticed. For example, the S&P 500 rallied 13% off its closing lows (1867) set in late August. Lost in the shuffle? The popular benchmark has yet to revisit its closing highs (2130) registered back in May. In essence, the corrective activity that began in the springtime as a function of a faltering [...] Continue Reading...


The Pace Of Fed Tightening And The Next Stock Bear

There have been seven bear markets over the last 43 years. The Federal Reserve has played a part in most, if not all, of those bear markets. Before looking at the bear markets themselves, let’s look at the impact of Fed policy on the 10-year Treasury Note. During the inflation-wracked 1970s, the central bank of [...] Continue Reading...


Financial Markets Have Not Been Handing Out Participation Trophies

I watch more football than I should. It may have something to do with the ability to see any game or any highlight on DirecTV in real time. Or perhaps there are few parenting responsibilities with my 19-year old daughter attending college 60 miles south of our Orange County home. Or maybe it’s a semi-conscious [...] Continue Reading...


Our Current Asset Allocation For Moderate Growth and Income Clients

There were few investment professionals who believed in exchange-traded funds (ETFs) back in 1993. In fact, you could count the early adopters on your keyboard-using fingers. For example, my friend and money manager Tom Lydon used ETFs before he created ETF Trends. Dave Fry gathered a following at ETF Digest. And “yours truly?” I regularly [...] Continue Reading...


Singer Meghan Trainor Knows, It’s All About That Central Bank Stimulus

Nearly one-third of S&P 500 corporations have reported earnings and revenue from the third quarter. With 147 companies chiming in, profits are down -0.6% and sales are down -2.7% from a year earlier. One might have thought that several quarters of contraction in earnings and revenue (a.k.a. an “earnings recession” and a “revenue recession”) might [...] Continue Reading...


All About Nothing: Stock ETFs Celebrate Zero Percent Rate Policy

About a year ago, I was meeting a client at a restaurant in Marina Del Rey, California. The traffic had been mild by Los Angeles County standards, so I arrived in the area early. I stopped in a local coffee shop and sat down in a booth. Lo and behold, in the booth next to [...] Continue Reading...


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