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ViacomCBS Re-initiated
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Rich Bernstein Negative on Tech as Rates Rise
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- Posted March 18, 2021
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Oil & Gas Exploration & Production ETF Allocation Reduced
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Gold and Silver Mining ETFs Allocation Increased
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ViacomCBS Sold
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iShares Global REIT ETF Sold
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iShares Silver Mining ETF Allocation Increased
The price of silver has been declining due to...
- March 30, 2021
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Rich Bernstein Negative on Tech as Rates Rise
Rich Bernstein, CEO and CIO of Richard Bernstein Advisors,...
- March 18, 2021
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Is the Retirement Crisis Really a Crisis?
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Alarming Chart of the Stock Markets of 1987 and 2012-2013
Several days ago I posted a chart showing the...
- May 22, 2013
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Bill Ackman Thinks Diversification is for the Lazy
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T.T.S. Fear Index
Based on a scale of 1 (major complacency) to 10 (extreme fear):
Current and Selected Past Readings:
Date | Index | SMA Comment |
1/20/2021 | 2.3 | Massive stimulus and Fed support have nearly eliminated fear |
3/23/2020 | 7.0 | Coronavirus and oil price war panic investors to the highest level of fear since October 2011 |
12/26/2019 | 2.3 | Lowest level of fear in nearly two years (January 2018) |
12/21/2018 | 6.7 | Raised fears likely setting up a buying opportunity |
1/11/2018 | 1.8 | Unusually low fear could mean we're near the top in valuations |
1/13/16 | 6.3 | Terrible start to 2016 raised fears |
10/3/11 | 8.5 | A good tradable bottom (S&P 500 @ 1,085) based on lots of nonsense |
3/9/09 | 7.0 | Market bottom (S&P 500 @ 666); end of the world was nigh |
10/27/08 | 8.8 | Market had dropped 28% in 5 weeks, Paulson pulled out all stops to save Wall Street bankers |
10/12/07 | 3.2 | Market top (S&P 500 @ 1,562); worldwide housing bubble pricked |
Year-to-Date Performance as of February 24, 2021
Stock Market Advantage (SMA) Porfolio Versus Major Indices
Index/Portfolio | YTD % |
SMA Portfolio | 18.7% |
S&P 500 | 4.8% |
U. S. Small Caps | 12.2% |
Total U. S. Stock Market | 6.0% |
Total Int'l Stock Market | 6.0% |
Total U. S. Bond Market | -2.4% |
Laszlo Birinyi Believes the S&P 500 is Attractive
Birinyi is still positive on the market’s prospects, but he has tempered his bullishness from earlier this year.
Birinyi said he wanted to be a little more cautious and prudent and focus on tactics as he expects the recent volatility to last for awhile.
Birinyi said he still considers this a long term bull market which further to run. He compared the current market to the ones in 1982 and 2000 (he meant 1990) which were positive for 5 years.
When asked which index has the potential to run the most, Birinyi said “I think the S&P.” He’s concerned about the NASDAQ and the systemic risk of the over-the-counter market. He clarified by saying there are a lot of dealers and people trading for themselves. He added that the fiduciary responsibilities are not as stringent as they were some years ago.
Birinyi indicated he believed there should be more regulation on Wall Street. He gave the example of ETFs where he questioned whether they are doing what they are supposed to do citing the tracking error in some of them.
Johnson cited research from Birinyi stating since 1974 there have been 6 times the market advanced at least 14% in three weeks. In each case, six months later the average return for the market was 15%. Birinyi said, “it’s pretty powerful, six out of six works for me.” He added he wouldn’t bet the ranch on it, but one thing he likes about this market is that a lot of the positive things are defensible and a lot of the negative things are not. Birinyi thinks the tangibles come out on the side of the bulls citing earnings coming through.
Birinyi’s bullish picks include Amazon (AMZN), Mastercard (MA), and Whole Foods Market (WFM). His pans include General Electric (GE), 3M (MMM) and Goldman Sachs (GS).
Birinyi was wildly bullish earlier in the year (link).
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