• It’s great that some more firms are finally coming around to the view that the earnings picture here in the U.S. is not as good as the general narrative on Wall Street has portrayed in recent weeks/months.  There’s a good reason why the multiple on the S&P 500 has exploded higher over the past year.  So, if the earnings outlook doesn’t improve significantly soon, it’s going to create headwinds for the stock market.
  • The high yield market has actually been stuck in a sideways range this year.  However, it is testing the upper line of that range.  Thus, we’ll be watching this market very closely going forward.  Whether it breaks out…or rolls back over and heads towards the bottom of that range again…should be important (for several asset classes).


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