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David Moenning is a the Chief Investment Officer at Heritage Capital, which focuses on active risk management of the U.S. stock market. Dave is also the proprietor of StateoftheMarkets.com, which provides free and subscription-based portfolio services. Dave began his investment career in 1980... More
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  • The VIX Is Cheap - Is It Time To Buy?

    Daily State of the Markets
    Tuesday, September 9, 2014

    In our search for value among various asset classes, we concluded that - generally speaking - stocks are fairly to slightly overvalued, bonds are extremely and historically overvalued, commodities in general and gold in particular, while not cheap by historical standards, could be ripe for a playable rally, and that real estate is no longer cheap.

    However, we did find that "volatility" or more specifically, volatility premium (aka the VIX) does appear to be cheap when looking at the big-picture.

    But for starters, let's define what the term, or in this case, the asset class of "volatility" means. According to Investopedia, "The Chicago Board Options Exchange (NASDAQ:CBOE) Volatility Index shows the market's expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk and is often referred to as the 'investor fear gauge'"

    So, the first thing to understand about "Vol" is that it really isn't a thing. Nope, the CBOE Volatility Index is simply a measure of expected volatility in the market. And right now, the expectations for market volatility are at VERY low levels.

    The chart below shows the VIX on a monthly basis for the past 25 years.

    CBOE Volatility Index (VIX) Monthly from 1990

    As the red circles indicate, the current levels on the VIX are exceptionally low and on a monthly basis, are near the levels seen in 1994 and 2007.

    But the second key point to this morning's missive is that just because an asset is "cheap" doesn't tell us much about when it might go higher. So, to ensure that there is no confusion, the current level of the VIX does not, in and of itself mean it will rally furiously any time soon. The current levels just mean that one should expect volatility to spike higher at some point in the future.

    Volatility Primer - Fear Is a Good Thing

    Although it is a bit of a misnomer, the VIX is often called the fear gauge. However, this is one of those chicken-or-the-egg situations as traders often look to the VIX for clues about what might happen next in the market. Yet the bottom line is that expectations for volatility (the VIX) increases as fear increases - and not necessarily before.

    The chart below shows how the expectations for volatility tends to spike around crisis events.

    CBOE Volatility Index (VIX) Weekly from 2009

    This weekly chart of the CBOE Volatility Index makes it clear that when crises hit, volatility tends to spike - sometimes A LOT. For example, the left side of the chart is the tail end of 2008 - a time when the credit crisis was raging and fear was at historically high levels.

    To put the magnitude of the fear that was in the market during this crisis into perspective, look at the monthly chart again and note that the 2008 spike was more than 50% higher than anything seen prior. And then also note that the monthly chart illustrates the VIX on a closing basis. During the crisis of 2008, the VIX spiked to almost 90 (the very top of the chart) on an intra-month basis - yikes!

    As one can plainly see on the weekly chart just above, the VIX surged by more than 130 percent during the first go-round with Greece in 2010 and again in 2011. And then the index has made several moves of 50 percent or more in the last 5 years. So, being long volatility via something like the iPath VIX Short-Term ETF (NYSEARCA:VXX) at the right time can be VERY profitable. However, PLEASE note that ETFs such as VXX and VIXY are SHORT-TERM TRADING VEHICLES ONLY and SHOULD NOT be used as an investment position!

    A New Era?

    Another important takeaway from the weekly chart of the CBOE's VIX is that expectations for volatility have been quite low since the beginning of 2013. Some analysts even argue that the market has now entered a "new era" of low volatility in the market. We shall see.

    The next chart shows the CBOE Volatility Index on a daily basis over the past 18 months.

    CBOE Volatility Index (VIX) Daily

    If one were to look only at this chart, they would likely conclude that the VIX tends to trade in a range. As such, employing a "ride the range" strategy (buy the low end of the range and sell the high end of the range) looks to be a no-brainer. For example, buying whenever the VIX hits 12.50 and then selling a portion over 16 appears to be a profitable approach.

    However, the big problem with this tactic is two-fold. First, trading ranges can change. And second, when this particular asset moves, it moves VERY fast as double-digit gains or losses in a single session are quite common (for example, the VIX spiked up 32.2 percent on July 17 as traders began to panic over the Russia/Ukraine situation). As such, being on the wrong side can be very painful.

    But... The Rubber Band IS Stretched!

    The final point to take away from this exploration of the VIX is that this is the 3rd longest streak in the last 25 years (688 days to be exact) without a spike of 100 percent or more in VIX.

    Think about that. Over the last 25 years, there have only been two other occasions where the VIX didn't at least double at some point. For reference purposes, the other two periods of low volatility environments were 1990 through 1994 and 2003 through 2007.

    The Big Finish

    And now for the big finish. The key is to recognize that, in the past, whenever the market has experienced a long period of low volatility, a spike of 100 percent or more has followed and that being "long vol" has been exceptionally profitable.

    Another way to look at this is that periods of low volatility tend to be followed by a return to a high volatility environment. Therefore, investors may want to be ready to jump into some "vol" the next time something strikes fear in the hearts of traders.

    But please, please, please remember - buying and holding an ETF like the VXX, VXZ, or VIXY can be hazardous to your portfolio's health due to the decay that occurs in these vehicles.

    Thus, the best way to play this game is to patiently wait for some fear to present itself and then to jump on board the move - quickly. Oh, and then you will need to be ready to jump out of the move at the drop of an algo - unless of course a new crisis is actually developing, that is!

    Turning To This Morning

    All eyes are on Apple this morning as the company is expected to introduce new iPhone lines, a new mobile payment system, and some sort of "wearable" which people are calling the iWatch. The big event kicks off at 1:00 pm eastern time. Across the pond, Industrial Production surged in the UK while BOE Governor Carney said that the time for interest rates to rise is coming closer. Stock markets are mixed in Europe and U.S. futures are pointing to a slightly higher open after losing ground in four of the last five sessions.

    Pre-Game Indicators

    Here are the Pre-Market indicators we review each morning before the opening bell...

    Major Foreign Markets:
    - Japan: +0.28%
    - Hong Kong: closed
    - Shanghai: +0.02%
    - London: -0.01%
    - Germany: -0.05%
    - France: -0.09%
    - Italy: +0.20%
    - Spain: -0.35%

    Crude Oil Futures: +$1.07 to $93.94

    Gold: +$2.80 at $1256.80

    Dollar: lower against the yen and pound, higher vs. euro.

    10-Year Bond Yield: Currently trading at 2.502%

    Stock Indices in U.S. (relative to fair value):
    - S&P 500: +1.06
    - Dow Jones Industrial Average: +3
    - NASDAQ Composite: +2.64

    Thought For The Day:

    Only put off until tomorrow what you are willing to die having left undone. - Pablo Picasso

    Wishing you green screens and all the best for a great day,

    David D. Moenning
    President, Chief Investment Officer
    Heritage Capital Research
    Check Out the NEW Website!

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave (Twitter is the new Ticker Tape)

    Advertisement
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    Heritage Capital Research's NextGen Active Risk Manager Can Help
    Contact Heritage for more information or call us at (847) 807-3590


    The opinions and forecasts expressed herein are those of Mr. David Moenning and may not actually come to pass. Mr. Moenning's opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report is for informational purposes only. No part of the material presented in this report is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program.

    Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

    The analysis provided is based on both technical and fundamental research and is provided "as is" without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

    David D. Moenning, an advisor representative of CONCERT Wealth Management Inc. (CONCERT), is founder of Heritage Capital Advisors LLC, a legal business entity doing business as Heritage Capital Research (Heritage). Advisory services are offered through CONCERT Wealth Management, Inc., an SEC registered investment advisor. For a complete description of investment risks, fees and services review the CONCERT firm brochure (ADV Part 2) which is available from your Investment Representative or by contacting Heritage or CONCERT.

    Mr. Moenning is also the owner of Heritage Capital Management (HCM) a state-registered investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Neither HCM, Heritage, or CONCERT is registered as a broker-dealer.

    Employees and affiliates of Heritage and HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or Heritage/HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

    Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

    Sep 09 8:15 AM | Link | Comment!
  • Searching For Value (And Finding It In The VIX)

    Daily State of the Markets
    Monday, September 8, 2014

    There has been an awful lot of discussion lately on the topic of stock market valuations. Yale's Robert Shiller, who won the Nobel Prize in Economics in 2013, has been quite vocal with his view that stocks are extremely overvalued at this time and that investors should be worried.

    In addition, billionaire investors like George Soros, Carl Icahn, and last week, Sam Zell have also publicly stated their concerns about the current levels in the stock market. All three are calling for a BIG correction at a minimum and have been preparing their portfolios accordingly.

    However, as we have detailed previously, our view is that valuation metrics have to be adjusted for the current environment (i.e. the last 20 years) and that taken within this context, stocks are currently no worse than fairly valued at this stage of the game.

    However, it is also important to recognize that after a stellar 5-year bull run, stocks are NOT cheap. A fact that causes some folks to fret and value oriented investors to struggle.

    Finally, it is vital to recognize that valuation indicators are utterly useless when it comes to the timing of when bull markets end. Remember, bull markets don't just end because stocks aren't bargains anymore. No, historically bull markets end when the economy falters, the Fed gets aggressive, or an external shock occurs.

    The key is to understand that any discussion of value - relating to ANY asset class - is a big-picture issue and best used by those with time-frames of 5-10 years. Remember, as John Maynard Keynes effectively said, markets can appear to stay irrational (something that is always in the eyes of the beholder) longer than someone playing the opposite side of the trade can stay solvent.

    So, with the appropriate caveats out of the way, let's see if we can't find some value out there.

    So, What's "Cheap" These Days?

    On the topic of finding value, every now and again, it is an interesting exercise to look around at the various asset classes in search for areas that might indeed be undervalued or "cheap." To be sure, this is a VERY long-term game and isn't something we practice with client assets. However, understanding what is "cheap" can help one to understand what is happening in the markets from a big-picture standpoint.

    We've established that while stocks are not overvalued, they are also not cheap. The chart below is Exhibit A in our argument on the subject.

    So, stocks aren't cheap. What about bonds? Well, with interest rates remaining near historical lows it is easy to recognize that bonds are actually very overvalued and likely to enter a secular bear at some point in the future. (However, the timing of this widely anticipated move has been challenging to say the least.)

    A review of global stock markets produces a similar valuation perspective to that of stocks in the U.S. - not cheap, but not overvalued either. A weekly chart of the iShares Emerging Markets ETF (NYSE: EEM) over the last 10-11 years makes this point fairly clear.

    Next up, let's look at commodities. In this space, one can argue that the commodity index as shown by the PowerShares DB Commodity Index ETF (NYSE: DBC) is certainly at the low end of the range seen over the last few years.

    However, from a longer-term perspective, it is impossible to argue that commodities such as gold (NYSE: GLD) or silver (NYSE: SLV) are cheap after a secular bull run lasting more than a decade.

    Although the gold-bugs will likely disagree (because the answer to any investment question for this crowd is to "buy more gold"), it appears that the secular bull run in Gold may have ended. But, to be fair, Gold has corrected enough to perhaps warrant a solid trade to the upside. But then again, a break below 115 on a weekly basis would be a problem.

    Let's now look at real estate. After the out-and-out crash seen in this market during the credit crisis, it might be easy to fall into the trap of thinking that real estate might be cheap and a good place to invest these days. However, the chart below paints a different picture.

    In fact, the IYR - the iShares U.S. Real Estate ETF (NYSE: IYR) shows that prices of REITS are back to levels seen in 2006. Therefore, one could actually argue that real estate is overvalued at current levels. But in any event, it is quite clear that real estate is definitely not cheap here.

    So to review, stocks aren't cheap, bonds are overvalued, emerging markets look to be fairly valued, the commodity index and gold/silver could be ripe for an intermediate-term rally, but are NOT cheap from a long-term perspective, and real estate is no longer at bargain-basement levels after a 5-year rally.

    But We DID Find Some Value In...

    However, in our search for value, we did find one asset class that is TRULY cheap by historical standards. And while some may not agree that volatility is even an investable asset, let alone an asset class, "Vol" does appear to be poised for a big move.

    Tomorrow, we will dig into this situation and try to determine if there is an opportunity here.

    Turning To This Morning

    Geopolitics are back in focus this morning as the ceasefire in Ukraine appears to be in a fragile state, President Obama is planning new military efforts to combat ISIS, and the EU is talking about more sanctions against Russia. In addition, the Eurozone September Sentix Economic Index was disappointing. As such, European markets are lower and it looks like stocks will come off of the new highs set on Friday's close when the opening bell rings on Wall Street. There are no major economic reports scheduled for release here in the U.S.

    Pre-Game Indicators

    Here are the Pre-Market indicators we review each morning before the opening bell...

    Major Foreign Markets:
    - Japan: +0.23%
    - Hong Kong: -0.20%
    - Shanghai: closed
    - London: -1.02%
    - Germany: -0.17%
    - France: -0.35%
    - Italy: -0.41%
    - Spain: -0.64%

    Crude Oil Futures: -$0.68 to $92.61

    Gold: -$0.70 at $1266.70

    Dollar: lower against the yen, higher vs. euro and pound.

    10-Year Bond Yield: Currently trading at 2.437%

    Stock Indices in U.S. (relative to fair value):
    - S&P 500: -3.56
    - Dow Jones Industrial Average: -39
    - NASDAQ Composite: -6.27

    Thought For The Day:

    Treasure the love you receive above all. It will survive long after your gold and good health have vanished. - Og Mandino

    Wishing you green screens and all the best for a great day,

    David D. Moenning
    President, Chief Investment Officer
    Heritage Capital Research
    Check Out the NEW Website!

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave (Twitter is the new Ticker Tape)

    Advertisement
    Will You Be Ready For The NEXT Bear Market?

    Heritage Capital Research's NextGen Active Risk Manager Can Help
    Contact Heritage for more information or call us at (847) 807-3590


    The opinions and forecasts expressed herein are those of Mr. David Moenning and may not actually come to pass. Mr. Moenning's opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report is for informational purposes only. No part of the material presented in this report is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program.

    Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

    The analysis provided is based on both technical and fundamental research and is provided "as is" without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

    David D. Moenning, an advisor representative of CONCERT Wealth Management Inc. (CONCERT), is founder of Heritage Capital Advisors LLC, a legal business entity doing business as Heritage Capital Research (Heritage). Advisory services are offered through CONCERT Wealth Management, Inc., an SEC registered investment advisor. For a complete description of investment risks, fees and services review the CONCERT firm brochure (ADV Part 2) which is available from your Investment Representative or by contacting Heritage or CONCERT.

    Mr. Moenning is also the owner of Heritage Capital Management (HCM) a state-registered investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Neither HCM, Heritage, or CONCERT is registered as a broker-dealer.

    Employees and affiliates of Heritage and HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or Heritage/HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

    Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

    Sep 08 8:14 AM | Link | Comment!
  • Fed Remains The Focus

    Although there is some good news on the geopolitical front (Ukraine says they have laid the groundwork for a ceasefire) all eyes are on the jobs report and what it means for Fed policy. Yesterday's reversal in stocks was triggered in part by the stronger-than expected economic data. The concern is that with the Fed saying they will be data dependent going forward, data showing that the economy may be improving faster than expected could bring interest rate increases before June 2015 - the general consensus for the first rate hike. However, this morning's jobs report came in well below expectations, suggesting that there is no reason for the Fed to deviate from the current course. Finally, it is worth noting that our market models are starting to weaken a bit in response to the waning upside momentum seen over the past 7 sessions.

    Looking At The Charts

    For much of yesterday morning, it appeared that stocks were finally to break out of the tight trading range that had been in place for the past week and a half. However, as has been the trend lately, the new intraday highs triggered sell algos. And this time, the buyers decided to sit on their hands. As such, the selling accelerated in the afternoon. Yet the key takeaway at this stage is that the market remains range bound and a meaningful break of the range on a closing basis will likely dictate the next near-term trend. It is also worth noting that stocks remain overbought from a short-term perspective which means that further downside testing is possible.

    S&P 500 - Daily

    Thought For The Day:

    Just because you can, doesn't mean you should.

    Current Market Drivers

    We strive to identify the driving forces behind the market action on a daily basis. The thinking is that if we can both identify and understand why stocks are doing what they are doing on a short-term basis; we are not likely to be surprised/blind-sided by a big move. Listed below are what we believe to be the driving forces of the current market (Listed in order of importance).

    1. The State of Fed/ECB Policy
    2. The State of the Geopolitical 'Issues'
    3. The Level of Interest Rates
    4. The Outlook for U.S. Economic Growth

    The State of the Trend

    We believe it is important to analyze the market using multiple time-frames. We define short-term as 3 days to 3 weeks, intermediate-term as 3 weeks to 3 months, and long-term as 3 months or more. Below are our current ratings of the three primary trends:

    Short-Term Trend: Moderately Positive
    (Chart below is S&P 500 daily over past 1 month)

    Intermediate-Term Trend: Positive
    (Chart below is S&P 500 daily over past 6 months)

    Long-Term Trend: Positive
    (Chart below is S&P 500 daily over past 12 months)

    Key Technical Areas:

    Traders as well as computerized algorithms are generally keenly aware of the important technical levels on the charts from a short-term basis. Below are the levels we deem important to watch today:

    • Key Near-Term Support Zone(s) for S&P 500: 1985(ish)
    • Key Near-Term Resistance Zone(s): 2006(ish)
    The State of the Tape

    Momentum indicators are designed to tell us about the technical health of a trend - I.E. if there is any "oomph" behind the move. Below are a handful of our favorite indicators relating to the market's "mo"...

    Trend and Breadth Confirmation Indicator (Short-Term): Neutral
    Signal Explained: History shows the most reliable market moves tend to occur when the breadth indices are in gear with the major market averages. When the breadth measures diverge, investors should take note that a trend reversal may be at hand. This indicator incorporates an All-Cap Dollar Weighted Equity Series and A/D Line. From 1998, when the A/D line is above its 5-day smoothing and the All-Cap Equal Weighted Equity Series is above its 25-day smoothing, the equity index has gained at a rate of +32.5% per year. When one of the indicators is above its smoothing, the equity index has gained at a rate of +13.3% per year. And when both are below, the equity index has lost +23.6% per year.

    Price Thrust Indicator: Positive
    Indicator Explained: This indicator measures the 3-day rate of change of the Value Line Composite relative to the standard deviation of the 30-day average. When the Value Line's 3-day rate of change have moved above 0.5 standard deviation of the 30-day average ROC, a "thrust" occurs and since 2000, the Value Line Composite has gained ground at a rate of +20.6% per year. When the indicator is below 0.5 standard deviation of the 30-day, the Value Line has lost ground at a rate of -10.0% per year. And when neutral, the Value Line has gained at a rate of +5.9% per year.

    Volume Thrust Indicator: Positive
    Indicator Explained: This indicator uses NASDAQ volume data to indicate bullish and bearish conditions for the NASDAQ Composite Index. The indicator plots the ratio of the 10-day total of NASDAQ daily advancing volume (i.e., the total volume traded in stocks which rose in price each day) to the 10-day total of daily declining volume (volume traded in stocks which fell each day). This ratio indicates when advancing stocks are attracting the majority of the volume (readings above 1.0) and when declining stocks are seeing the heaviest trading (readings below 1.0). This indicator thus supports the case that a rising market supported by heavier volume in the advancing issues tends to be the most bullish condition, while a declining market with downside volume dominating confirms bearish conditions. When in a positive mode, the NASDAQ Composite has gained at a rate of +38.3% per year, When neutral, the NASDAQ has gained at a rate of +13.3% per year. And when negative, the NASDAQ has lost at a rate of -8.5% per year.

    Breadth Thrust Indicator: Neutral
    Indicator Explained: This indicator uses the number of NASDAQ-listed stocks advancing and declining to indicate bullish or bearish breadth conditions for the NASDAQ Composite. The indicator plots the ratio of the 10-day total of the number of stocks rising on the NASDAQ each day to the 10-day total of the number of stocks declining each day. Using 10-day totals smooths the random daily fluctuations and gives indications on an intermediate-term basis. As expected, the NASDAQ Composite performs much better when the 10-day A/D ratio is high (strong breadth) and worse when the indicator is in its lower mode (weak breadth). The most bullish conditions for the NASDAQ when the 10-day A/D indicator is not only high, but has recently posted an extreme high reading and thus indicated a thrust of upside momentum. Bearish conditions are confirmed when the indicator is low and has recently signaled a downside breadth thrust. In positive mode, the NASDAQ has gained at a rate of +22.1% per year since 1981. In a neutral mode, the NASDAQ has gained at a rate of +14.5% per year. And when in a negative mode, the NASDAQ has lost at a rate of -6.4% per year.

    Bull/Bear Volume Relationship: Moderately Positive
    Indicator Explained: This indicator plots both "supply" and "demand" volume lines. When the Demand Volume line is above the Supply Volume line, the indicator is bullish. From 1981, the stock market has gained at an average annual rate of +11.7% per year when in a bullish mode. When the Demand Volume line is below the Supply Volume line, the indicator is bearish. When the indicator has been bearish, the market has lost ground at a rate of -6.1% per year.

    Technical Health of 100 Industry Groups: Moderately Positive
    Model Explained: Designed to provide a reading on the technical health of the overall market, this indicator takes the technical temperature of more than 100 industry sectors each week. Looking back to early 1980, when the model is rated as "positive," the S&P has averaged returns in excess of 23% per year. When the model carries a "neutral" reading, the S&P has returned over 11% per year. But when the model is rated "negative," stocks fall by more than -13% a year on average.

    The Early Warning Indicators

    Markets travel in cycles. Thus we must constantly be on the lookout for changes in the direction of the trend. Looking at market sentiment and the overbought/sold conditions can provide "early warning signs" that a trend change may be near.

    • S&P 500 Overbought/Oversold Conditions:
      - Short-Term: Overbought
      - Intermediate-Term: Neutral
    • Market Sentiment: Our primary sentiment model is Negative.
    The State of the Market Environment

    One of the keys to long-term success in the stock market is stay in tune with the market's "big picture" environment in terms of risk versus reward.

    Weekly State of the Market Model Reading: Positive
    Model Explained:Different market environments require different investing strategies. To help us identify the current environment, we look to our longer-term State of the Market Model. This model is designed to tell us when risk factors are high, low, or uncertain. In short, this longer-term oriented, weekly model tells us whether the odds favor the bulls, bears, or neither team.

    Wishing you green screens and all the best for a great day,

    David D. Moenning
    Founder and Chief Investment Strategist
    Heritage Capital Research - A CONCERT Advisor
    Be Sure To Check Out the NEW Website!


    Is Your Portfolio Ready for the Next Financial Storm??

    Check out Heritage Capital Research's NextGen Active Risk Manager
    Or call Heritage for more information at (847) 807-3590


    Sep 05 9:36 AM | Link | Comment!
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