Top Advisors Corner

January 2020

Top Advisors Corner

How are Stocks Going Up While Earnings Go Down?

by Tom McClellan

The primary driver of stock prices is supposedly earnings, right? So how is it that earnings as a percentage of GDP have been falling since a peak in late 2014, yet the major averages like the DJIA and SP500 are up 60% since then? This week's chart looks at some data which is bur... Read More 

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The Inger Letter 01-30-2020

by Gene Inger

Beating around the bush with candor after the dovish Fed statement, Chairman Powell tried not to be backed into a corner about "reserve levels," liquidity injections, or their plan to start bringing things into balance later in the year (perhaps from April forward; though that ma... Read More 

Top Advisors Corner

The Ord Oracle January 28, 2020

by Tim Ord

SPX Monitoring purposes: Long SPX on 1/28/20 at 3276.24. Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96. Long Term Trend SPX monitor purposes: Sold long-term SPX on 10/24/19 at 3010.29=gain 1.49%; Long SPX on 10/14/19 at 2966.15... Read More 

Top Advisors Corner

The Inger Letter 01-24-2020

by Gene Inger

Complacency is not an option for evaluating pandemic risk, as relates to potential economic disruption and market impacts... Read More 

Top Advisors Corner

Small-Cap Underperformance is Not Over

by Tom McClellan

Small-cap stocks have been underperforming large ones since mid-2018, and this underperformance should continue until the end of 2020. This week's chart shows a relative strength line (green) for the Russell 2000 Index versus the Russell 1000... Read More 

Top Advisors Corner

SPY Number of Shares Outstanding Continuing to Rise

by Tom McClellan

Note: This article previously appeared in the Jan. 14, 2020 issue of our Daily Edition. The charts are updated through Jan. 16's data. This week's chart shows an interesting representation of bullish trader sentiment... Read More 

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VIX is Not Confirming Higher Prices

by Tom McClellan

The major averages are ignoring missile strikes, oil market turmoil and excessively bullish sentiment, keeping prices marching higher in 2020. But we do have a major bearish divergence now in the VIX Index, which is NOT making lower lows to confirm those higher price highs... Read More 

Top Advisors Corner

Gold - COT Report

by Tim Taschler

Every time I write about my concerns with the Commitment of Traders report (COT), I get a lot of pushback about it not being worthwhile or not predictive of price action... Read More 

Top Advisors Corner

The Ord Oracle January 7, 2020

by Tim Ord

SPX Monitoring purposes: Sold SPX 12/24/19 at 3223.36-gain 1.72%; Long SPX on 12/13/19 at 3168.80. Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96. Long Term Trend SPX monitor purposes; Sold long-term SPX on 10/24/19 at 3010.29=gain 1.49%; Long SPX on 10/14/19 at 2966.15... Read More 

Top Advisors Corner

Fed Funds COT Leading Indication

by Tom McClellan

The efforts of the Federal Reserve to inject extra liquidity into the banking system over the past 2 months have helped to fuel the year-end (2019) rally... Read More