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iShares Russell Top 200 ETF (IWL)

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  • Mon, May 18, 12:56 PM
    | 1 Comment
  • Fri, May 15, 3:54 PM
    • Bubbles can "destroy" contrarian types, say strategists at the bank whose former CEO said, "While the music's playing, you gotta dance" shortly before the financial crisis nearly blew the lender to bits.
    • Today's "new paradigm" could be the idea of secular stagnation, and thus growth, interest rates, and inflation staying persistently low, says the team. This in turn causes inflated prices for anything with growth - biotechs and Internet plays come to mind - or for high dividends.
    • One client's definition of a bubble: "Something I get fired for not owning."
    • Getting a little  more scientific, the strategists define a bubbly price as one two standard definitions above its 10-year mean. While European fixed-income (Italian and Spanish 10-year yields are less than 2%) might fit the bill, not much else on the planet does, says the team, recommending readers become "bubble pragmatists," i.e. dance.
    • ETFs: CRF, VV, USA, SCHX, ZF, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, ZLRG, SYE, SBUS
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  • Wed, Apr. 29, 2:48 PM
    • Down 0.5-0.7% for most of the session, the major averages have rallied to nearly unchanged with 75 minutes to go in the session.
    • If anything, the FOMC statement leaned hawkish as the central bankers brushed off the Q1 slowdown as weather-related and gave no indication that a June rate hike is off the table.
    • The 10-year Treasury yield was as high as 2.07% this session, but has slipped back to 2.03%. 30-day Fed Funds futures still aren't seeing liftoff until late Q3 or early Q4.
    • Previously: FOMC: Q1 slowdown "transitory" (April 29)
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, ZLRG, SYE, SBUS
    | 1 Comment
  • Mon, Apr. 27, 7:57 AM
    • “Correction risks will grow in [the] absence of fresh inflows in coming weeks,” write Michael Hartnett and team at BAML, noting U.S. stock fund outflows in nine out of the past ten weeks. The accompanying chart shows (at least to the human eye) since the start of 2013 a fairly strong correlation between the S&P 500 and the cumulative levels of fund inflows - a correlation that has broken down in a big way in 2015.
    • The note then proceeds to totally contradict this idea by pointing out that the year-to-date exit from U.S. stock funds has not been this bad since the same time frame in 2009 - a pretty fair time to go all-in on equities.
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, ZLRG, SYE, SBUS
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  • Fri, Apr. 24, 9:44 AM
    • Investor exuberance has hit a "frighteningly high level," says Mark Hulbert, as his Hulbert Stock Newsletter Sentiment Index rises to 72.9% - one of its highest prints ever - alongside the Nasdaq's record close, with the S&P 500 not far behind.
    • Putting the 72.9% reading in context, the HSNSI has averaged 39.4% since the bull market began six years ago. Over the past decade, there were only two occasions when it was higher - end of 2013/start of 2014, and February of this year - and both times the market fell soon after.
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, ZLRG, SYE, SBUS
    | 4 Comments
  • Tue, Apr. 21, 4:46 PM
    • Not necessarily a bear on American stocks, the global chief investment strategist suggests investors tamp down their return expectations given the rich values, and instead move a little money into cheaper international names.
    • “Investment professionals advocate diversification, but not everyone follows it. And U.S. dollar-based investors are structurally overweight in stocks. Right now it is a timely moment to reduce their allocation."
    • Much of the appreciation in U.S. stocks over the past few years, he says, is due to multiple expansion, rather than earnings growth.
    • ETFs: EFA, VEA, VV, SCHX, IEFA, DBEF, FEX, DZK, JKD, EEH, URTH, DPK, EFZ, EQL, EFU, IWL, ADRD, MFLA, EFO, HEFA, ERW, FWDD, IDHQ, ZLRG, SYE, FDT, FWDI, SBUS
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  • Thu, Apr. 9, 3:12 PM
    • "Equity market tops usually consist of overly aggressive individual investor interest in the asset class," says Citigroup Chief U.S. Equity Strategist Tobias Levkovich, thus not believing the S&P 500 is due for a major correction.
    • The last time the S&P 500 fell more than 10% was from April-October of 2011 when it tumbled 19%.
    • At the same time retail investors haven't rushed into stocks, companies have been quite active, notes Levkovich, repurchasing almost $4T of their own stock over the last decade vs. retail fund inflows of less than $100B. Buybacks in 2015 are off to their best start on record, says Birinyi Associates, and on pace to hit nearly $1T this year, the most ever.
    • Source: WSJ
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, FWDD, ERW, SYE, SBUS, ZLRG
    | 3 Comments
  • Tue, Mar. 17, 12:21 PM
    | 1 Comment
  • Mon, Mar. 9, 12:48 PM
    • The Investor Movement Index is designed to track client exposure to equity markets, and it fell for a 2nd consecutive month in February, hitting 4.70, a new two-year low. The move down means the brokerage's clients were net sellers of stocks in dollar terms for the month.
    • According to Nicole Sherrod, managing director of Ameritrade's trader group, previous declines were about rotations into lower beta positions, but February's dip "suggests more acute bearishness."
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, FWDD, ERW, SYE, SBUS, ZLRG
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  • Wed, Feb. 18, 1:06 PM
    • As CIO of BMO Private Bank, Jack Ablin has recommended an overweight position in large-cap U.S.stocks since 2010. BMO is currently 50% overweight the U.S., but is getting ready to sell.
    • "We're going to go from substantially overweighting the U.S. to neutral to underweight,” Ablin tells Howard Gold. "This is a major policy decision ... Over the next three to five years the U.S. is going to take a back seat to international markets.”
    • His reasoning: U.S. stocks are too expensive, and while companies are beating Q4 estimates, analysts have sharply cut 2015 earnings growth forecasts to 2.6% from 8.1% as recently as late last year.
    • ETFs: VUG, VTV, VV, SCHX, SCHG, SCHV, PWV, FEX, JKD, EEH, JKE, IWY, EQL, EZY, PWB, IWL, IWX, FTC, JKF, SFK, IELG, ERW, FWDD, RWG, GVT, SYG, SYE, SYV, SBUS, ZLRG
    | 6 Comments
  • Thu, Feb. 12, 9:19 AM
    • A strong weak for stocks had bullish sentiment rising nicely to 40% from 35.5%, according to the AAII survey, but bearish sentiment crashed. It fell all the way to 20.3% from 32.4% - the largest one-week decline in more than three years, says Bespoke Investment. "Investors appear to have breathed a huge sigh of relief after last week's rally in equities."
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, FWDD, ERW, SYE, SBUS, ZLRG
    | 2 Comments
  • Wed, Feb. 11, 2:46 PM
    • According to the 2015 Legg Mason Global Investor Survey, 85% of affluent U.S. investors say U.S. stocks offer the best opportunities over the coming 12 months - that's up from 74% who said so in 2014.
    • 63% are maintaining their equity allocation, 32% expect to boost it, and just 6% plan to cut equity exposure.
    • Global Head of Marketing Matthew Schiffman: "Overconfidence can lead to a degree of complacency that could prevent investors from paying close attention to their overall financial plan ... Investors have not changed their asset allocation since we started measuring investor sentiment three years ago, which could be another sign of complacency creep."
    • Source: Press Release
    • ETFs: VV, SCHX, FEX, GTAA, JKD, AOR, EEH, RLY, EQL, EPRO, GAL, DBIZ, MATH, IWL, GIVE, FWDD, ERW, SYE, GAA, SBUS, ZLRG
    | Comment!
  • Mon, Feb. 9, 5:08 PM
    | 3 Comments
  • Dec. 23, 2014, 11:37 AM
    • "This year rhymes with 1998," says David Tepper in an email to CNBC. "Russia goes bad, easing coming from Europe. Sets up 1999 ... [oops] I mean 2015."
    • While not calling for a market top next year, Tepper says to be aware of the chance for markets - currently at fair value in his view - to move to overvaluation. He notes the S&P moved to a 30 P/E ratio in 1999 vs. a current forward P/E of just 16.
    • "Worldwide money [was] made too easy for where U.S. fundamentals were both in late 1998 and 2014," he continues. Those viewing this morning's revision to Q3 GDP growth all the way up to 5% might nod in agreement.
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, SYE
    | 16 Comments
  • Dec. 11, 2014, 3:17 PM
    • High-yield prices are off 2.4% this month and 5.7% since Labor Day even as U.S. equity markets continue to carve out new record highs. "The big question is whether oil’s problems are going to stay local or whether they’re going to spread out," says one fund manager.
    • More metrics: Dollar-denominated high-yield bonds now yield an average 120 basis points more than the earnings yield on U.S. equities vs. an average of just 20 bps over the last three years. On the other hand, maybe these markets are just returning to a more normal relationship - from 2005-2008, high-yield debt yielded an average of 370 bps more than equities.
    • High-yield is lower again today as oil crashes below the $60 per barrel level, with HYG and JNK both down 0.7%.
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, SYE
    | 9 Comments
  • Oct. 17, 2014, 11:42 AM
    • Kotok's Cumberland Advisors was in there buying on Wednesday with the Dow down 400 points, as the underlying components of tracked ETFs reaching extremes - nearly every stock was "oversold by enough standard deviations as to call for action."
    • "We are moving from worrisome cash reserve maintenance with anticipation of high volatility to a new place that will lead us into a new leg of a bull market. The time to rebalance and position is when doing so requires courage and when things look ugly."
    • ETFs: VV, SCHX, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, SYE
    | 1 Comment
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IWL Description
The iShares Russell Top 200 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell Top 200® Index.
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Country: United States
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