10 Years After

The U.S. stock market has been roaring for the past eight years and counting. Since bottoming in March 2009, the total returns for investors have been consistent and robust. But it has come in an environment where the underlying economy and corporate earnings have been lackluster at best. Thus, with stock prices growing much faster than underlying earnings for so many years, the market has become expensive not only on a short-term basis but also from a long-term perspective. And, this has important implications for the expected returns from stocks over the next decade as this valuation premium is worked off.

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A Correction Is Already Under Way

Many investors have been contemplating the potential for a U.S. stock market correction starting some time over the next couple of months after what has been a remarkable year to date. Whether such a pullback on the headline benchmarks actually comes to pass remains to be seen. But in many respects, a correction in U.S. stocks has already been underway for nearly a month now.

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Fall Back Again

The summer is quickly passing by and the fall will soon be upon us. Will the U.S. stock market fall back again come the historically more volatile months of September and October?

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The Earnings Challenge

The earnings challenge is on. Despite the fact that the fiscal policy agenda that had the U.S. stock market so exciting coming into 2017 has increasingly disintegrated as the year has progressed, the catapult higher in stock prices has been justified instead by the strong improvement in corporate earnings. With economic growth forecasts continuing to fade and onus is increasingly on corporate earnings to continue to lift the U.S. stock market higher or at least keep it on its lofty perch. While the second quarter earnings season is now largely in the books, the earnings challenge is now fully taking shape for the remainder of 2017.

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Gone In 60 Seconds

The extreme dangers for investors in the most perilous segment of capital markets were fully revealed last week. While the seemingly guaranteed upside remains alluring for some, participants continue to face the risk of seeing their investment in this white hot market segment evaporate at an even quicker, lightning fast pace.

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