HORAN Capital Advisors

Entries for 2013

The Week Ahead Magazine: September 15, 2013

 September 15 2013     David Templeton
Below is our magazine for the upcoming week. The magazine content contains links to some articles we have reviewed and we believe our clients and investors may find of interest.The Week Ahead Magazine: September 15, 2013

Is Middle America The New Emerging Market?

 September 14 2013     David Templeton
Consuelo Mack of WealthTrack recently conducted an interview with Nancy Lazar and François Trahan, both founders of the new macro strategy firm, Cornerstone Macro LP. Lazar and Trahan note in the interview that macro economic influences have an outsized impact on equity market returns. In this regard, they believe middle America is the new emerging market. In relation to this viewpoint, they both ...

Global Equity Sectors Appear Fairly Valued

 September 12 2013     David Templeton
A recent report by Thomson Reuters' AlphaNow provides a chart review package covering current financial data often paired with current economic data. The report released for August, along with an updated chart  for September, shows all of the global equity market sectors within the MSCI World Index are trading at or above their 5-year average forward P/Es or multiples. The MSCI World Index is a fr...

A Jump In Bullish Investor Sentiment

 September 12 2013     David Templeton
Investors seem to have a heightened focus on the short term market movements during this bull market advance that began in 2009. Nonetheless, I will perpetuate this line of thinking by detailing this week's investor sentiment figures released earlier today by the American Association of Individual Investors. For the week individual investor bullish sentiment rose nearly ten percentage points to 45...

Largest Semi Annual Increase In Home Prices On Record

 September 11 2013     David Templeton
This morning the Mortgage Bankers Association reported mortgage application activity fell 13.5% (includes purchase and refinance activity) for the week ending September 6th with the refinancing index declining 20.2%. The rapid spike in mortgage interest rates has certainly played a significant part in the slowdown in mortgage activity. One follow on questions is whether the improvement seen in rea...

S&P 500 Index Reclaims 50 Day Moving Average

 September 9 2013     David Templeton
As we wrote in a post one week ago it appeared the selling pressure on the S&P 500 Index was waning. We cited the different levels of the Money Flow Index (MFI) and the Relative Strength Index (RSI) this year versus this same time last year. In another post we cited the importance the market has attributed to the 100 day moving average. In fact, the positive market action so far this September beg...

The Week Ahead Magazine: The Week of September 8, 2013

 September 8 2013     David Templeton
Over the course of the past four weeks or so, we have provided links for our readers they may find of interest for the upcoming week. This week we are placing the links in a magazine format which can be accessed via the below link. From a quick look back at this past week, bullish investors appeared to take back control of the equity market with the S&P 500 Index up1.36%. The news flow this week w...

Dividend Payers Outperforming the S&P 500 Index But Not The Equal Weighted Non Payers

 September 7 2013     David Templeton
On a capitalization weighted basis the dividend payers in the S&P 500 Index have done a respectable job of outperforming the broader S&P 500 Index as noted in the below table. However, when one looks at the performance of the payers versus the non payers on an equal weighted basis, the payers have lagged the non payers by a significant margin. On an equal weighted basis the non payers have generat...

September Market Return Is Favorable When August Return Is Negative

 September 5 2013     David Templeton
Although investing in stocks is a long term endeavor the following post will provide some insight into returns during the month of September. I am sure as soon as I upload this post to our blog site, any conclusions that are drawn below will prove to be false. Nonetheless, over the course of the past few weeks strategists have been expounding on the fact the month of September has proved to be the...

S&P 500 Index Less Overbought This September Versus Last September

 September 3 2013     David Templeton
As noted in the below chart of the S&P 500 Index, the market technicals for the S&P are less stretched this year versus the same time last year. Last year the S&P 500 moved higher by 2.0% in August and an additional 2.4% in September all prior to the election, the fiscal cliff and sequestration. Fast forward to August this year and we have seen the market pullback 4.5% in August. At the same time ...
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