“It is impossible to produce superior performance unless you do something different than the majority.”  -  Sir John Templeton

Market Commentary

So much for expecting the Fed to stick the landing and create a soft landing.

These are extraordinary times.

• Technical models turned negative in the stock market as many of the hottest stocks were hit by profit taking. I think it may be more than just that.
• The stock market cracked, the bond market rallied, and recession fears have joined the inflation worries- and suddenly the mood has changed.
• The number of 52- week lows exploded and now we see more new lows than new highs. The advance decline line on Nasdaq looks awful.
• The exaggerated price moves in even big cap companies are coming from the “bots trading against bots” reacting (over-reacting) to news.
• The hard to watch developments in Washington DC, the Middle East, Europe, and the rest of the world are not helping to calm anyone’s nerves either.

Economic data and market clues:

Earnings season is wrapping up, and despite overall decent results, it is the cautious forward guidance by many that soured the stock market.

It is ultra stock specific as the market is outright punishing weak earnings guidance. Please take the time to watch this important video I made last week with Sam Stovall from CFRA. 

Selected current holdings:

Not the time to be fully invested.

Magnet®:

IES Holdings                      IESC

Merit Medical Systems       MMSI

Neurocrine Bio Sciences     NBIX

FACTS:

Allstate                                ALL

Amgen                                AMGN

Renaissance RE Holdings     RNR                            

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