3RD QUARTER 2026 MARKET OVERVIEW  The AI trade dominates the stock market, but the question remains: will it continue to do so at the expense of the rest of the market?  Increasingly, the fuel supporting the stock market comes from a shifting cast of companies involved in the development and adoption of artificial intelligence. Nvidia, […]

  I know you think you understood what you thought I said, but I’m not sure you realize that what you heard is not what I meant. Alan Greenspan, Chairman of the Federal Reserve, 1987–2006 YOUR FED CHAIRMAN A nod to the remarkable life of Alan Greenspan following his passing. Greenspan served as Chairman of […]

A RESET FOR THE STOCK MARKET Conditions for equities remain broadly favorable despite the recent downturn driven by rising oil prices and the war. For investors who rely on their capital to grow, a meaningful allocation to U.S. stocks remains one of the most compelling long-term strategies. That said, markets have not rewarded bullish sentiment […]

STOCKS CONTINUE TO STUMBLE TO GAINS As I mentioned in our Christmas card to clients, the stock market stumbled and wobbled during the fourth quarter, but ultimately regained its footing and finished the year at record highs. The S&P 500 edged higher by 2.2% in Q4. For the full year 2025, the market also experienced […]

THE STOCK MARKET MARCHES HIGHER, BUT FOR HOW MUCH LONGER? Investors have a lot to be happy about, particularly considering the swoon that happened earlier this year. Stocks have been sailing higher since then. For the third quarter, the S&P 500 notched an 8.1% gain and is now up 13% for 2025. Still, there are […]

THE STOCK MARKET IS THE FINAL ARBITER?  It took the entire quarter, but the market did it. The penultimate day yielded a record, eclipsing the previous high from February 19. There was a 15% drop in the S&P in the first seven days of the quarter. The 81 day recovery from the low on April […]

UNCERTAINTY. WHERE IS THE LOW? A gloomy first quarter, and a subsequent precipitous plunge, has left us all hoping for stabilization in the markets. This kind of turmoil calls for our principal objective, which is to preserve our clients’ capital and prepare for a better environment to invest. So far, “Uncertainty” is the buzzword causing […]

SLIP SLIDING AWAY The stock market staged its own version of this Paul Simon fabled song during the final months of the year. Even the short-lived surge after the election was not enough to keep most stocks from lapsing into the red for the quarter. By year-end, most stocks had declined at least 10% below […]

WARNING SIGNALS FOR STOCKS It was a roller coaster quarter. In early July, it began in hearty fashion. The market advanced smartly in the first two weeks, led by a rotation into small cap companies. Then, it dropped nearly 10% over the ensuing three weeks; so much, that nearly all of the gain for the […]

DID WE JUST HAVE A CORRECTION IN THE SECOND QUARTER? Stocks did not have a good second quarter, contrary to what you might think. The S&P was fine and hovered near all-time highs. But, this was mostly because of the strength in Nvidia and Apple shares, which contributed most of the 4% gain for the […]