HORAN Capital Advisors

Entries for 2016

Black Friday For E-Commerce

 November 25 2016     David Templeton
E-commerce retailers are likely to continue their dominance and be the primary beneficiaries on Black Friday. As the below chart shows, e-commerce sales continue to garner a larger percentage of overall retail sales with traditional brick and mortar retailers stuck in a no growth environment. Further detail on third quarter e-commerce sales can be reviewed in the U.S. Census Bureau's recent e-comm...

Individual Investor Sentiment May Be Too Bullish

 November 24 2016     David Templeton
The American Association of Individual Investors released their Sentiment Survey today and bullish sentiment is reported at 49.9%. This is slightly above theĀ +1 standard deviation level of 48.4%. As can be seen in the below chart, the bullish sentiment level has spiked higher subsequent to the U.S. presidential election from a few weeks ago. Although not shown on the chart, the bull/bear spread wi...

An Equity Market Finding Little Upside Resistance

 November 23 2016     David Templeton
Today the Dow Jones Industrial Average Index closed at another record high of 19,083.18, crossing another 1,000 point interval on Tuesday. It has taken nearly two years for the index to breach this 1,000 point interval after breaking 18,000 in December 2014. The market advance following the election is beginning to sound like a broken record as commentators announce the market's close at a "new al...

Equity Market Beginning To Resemble Bull Market Of The 1950's And 1980's

 November 19 2016     David Templeton
In the early days following the presidential election, the equity market seems to be anticipating better economic growth in the years ahead. Knowing the economy is not the market though, investors believe a better economy will translate into stronger corporate profits as well. When the new administration takes office in 2017, Trump's campaign comments indicate the economy is in need of more govern...

Powerful Sector Rotation May Need A Breather

 November 16 2016     David Templeton
The market action following last week's election has seen powerful rotation among stock market sectors and industries. In my last post I highlighted this movement along with stocks and industries that are benefiting from this rotation and industries that are not benefiting. I noted a potential caution due to the fact the targeted sectors seems to be a consensus trade by investors and the moves may...

Investors Adjusting Investments As A Result Of The Election Outcome

 November 13 2016     David Templeton
This post is more of a chartfest to feature information I ran across over the weekend from various sources but related to investment topics relevant to potential policy changes under a President-Elect Trump administration. Investors know the equity market reacted favorably to the election outcome last week; however, some market segments did far better than others. Although the night is long, the f...

Toss Aside Your Political Leanings, The Equity Market Is

 November 10 2016     David Templeton
Tossing aside ones political leanings, the stock and bond market are telegraphing positive results from a Trump presidency as it relates to the economy. I briefly touched on the bond market in yesterday's post and below is another chart of the 10-year Treasury yield-the yield continues to move higher.The broad advance in the market relative to the meltdown in futures during election night/morning ...

The Market The Day After The Election: Emotion Versus Fundamentals

 November 9 2016     David Templeton
In Monday's post I highlighted the importance of separating ones politics from their portfolio. The market's reaction to yesterday's election outcome is a perfect example why this is important. As election results trickled in last night and it became apparent Donald Trump would be the 45th President of the United States, equity futures sold off sharply. The day after election sell offs are not uni...

Election Day Is Finally Upon Us

 November 7 2016     David Templeton
In one day the S&P 500 Index recovered six of the nine days of losses incurred over the last two weeks. Today the S&P 500 Index recovered 46.34 points or 2.22% versus the 66.15 point loss (-3.07%) incurred from 10/25 through 11/4. Today's rally did not occur on exceptionally high volume, but the stochastic indicator has turned positive.Charles Kirk of The Kirk Report made a couple of observations ...

Defensive Market Sectors Not So Defensive During Equity Market Pullback

 November 4 2016     David Templeton
With today's market close the S&P 500 Index has been down for nine consecutive trading days. The index is down 4.2% from the August 15 high, but remains up 4.1% year to date. However, during the pullback from the August high, most of the traditionally defensive sectors have been the worst performing ones. As can been seen in the below bar chart, REITs are down 11.1%, health care is down 10.9%, tel...
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