HORAN Capital Advisors

Entries for 2013

Employment Snapshot In The U.S.

 September 2 2013     David Templeton
Today the St. Louis Fed tweeted several charts that provide a snapshot of employment in the U.S. As background the St. Louis Fed provides a database called FRED that contains a comprehensive archive of economic and financial information. Below are three of the charts highlighted by the St. Louis Fed this afternoon. I believe they all speak for themselves.Chart shows the labor force participation r...

Allocation Between Stocks, Bonds and Cash: The Week Ahead For September 1, 2013

 September 1 2013     David Templeton
Since early May the yield on the 10-year Treasury has increased from 1.61% to 2.74% at the end of August. This rise in rates has taken a toll on investments that are sensitive to changes in market interest rates. The below links provide some insight into managing ones portfolio during a market cycle where the trend in interest rates is higher.Money market funds witnessed net inflows to the tune of...

Market Technicals Improving

 August 25 2013     David Templeton
The last few trading days have seen the market technicals improve. The S&P 500 Index has, at least temporarily, successfully bounced off of its 100 day moving average. This bounce has occurred at a level that has been important during this bull market run. The RSI and the Money Flow Index have both turned higher from depressed levels as well. The importance of the MFI was discussed in a post we wr...

A Shift In Sentiment And An Improving Europe: The Week Ahead For August 25, 2013

 August 25 2013     David Templeton
Investors seem on edge as the equity market continues to digest gains achieved so far this year. The recent market weakness seems to have investors on edge with some of the below article links noting this shift in investor sentiment. This type of indicator tends to be a contrarian one. Economic climates outside the U.S. seem to be stabilizing if not improving, specifically in Europe and the U.K. P...

Individual Investors Turn Bearish

 August 22 2013     David Templeton
Before today the S&P 500 Index has decline nearly 4% (still up over 15 % year to date) and individual investors have turned bearish on the market. Today, the American Association of Individual Investors reported individual investor bullish sentiment declined to 29.0 this week from 34.5% in the prior week. This is the lowest level since the last week of April when bearish sentiment was reported at ...

Who Let The Bears Out? Articles For The Week Ahead, August 18, 2013

 August 18 2013     David Templeton
It has been some time since I have seen so many market strategist laser focused on the fact the market has topped out and appears to be rolling over. It isn't a frequent occurrence when strategist make perfect market timing calls. Certainly there is a great deal to worry about as we move into the second half of August and then the notoriously poor market months of September and October. Jackson Ho...

S&P 500 Earnings Above Or Below Trend?

 August 17 2013     David Templeton
One market factor frequently mentioned regarding current S&P 500 earnings is they are far above historical trend. An example is from a recent article on the Zero Hedge website titled, Why Stock Prices Are More Stretched Than You Think: A Tale Of 3 P/E Multiples. A common discussion then leads to commentary that earnings will revert to their trend and in this discussion that means a decline in earn...

Insight Into The Rise In Company Cash Levels

 August 17 2013     David Templeton
In a research report earlier this year, the Federal Reserve Bank of St. Louis provides some insight into why companies continue to hold higher levels of cash. The increasing cash level trend has been underway for over thirty years so the higher cash trend likely is not simply due to economic uncertainty. The research report looks at both absolute cash levels as well as cash as a percentage of corp...

A Look At The Market's Technicals

 August 15 2013     David Templeton
What follows are a few thoughts on some of the technical factors influencing the market advance since the financial crisis. A couple of the factors, the Fed's involvement via quantitative easing and the increase in algorithmic trading, seem to be having a larger influence on the market of late. Institutional investors/traders have a heighten interest in the Fed's open market operations as the Fed ...

The Wall Of Worry

 August 13 2013     David Templeton
L.A. Little of the Technical Analysis Today website provided the below summation of the state of the market at the end of today under his Trade Chatter column. Little's conclusion is more uncertainty is likely to increase market volatility in the weeks ahead."The market always worries - or shall we say the traders and investors that comprise the market always worry. Worry, worry, worry - if you ha...
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