Research & Market Insights Market Insights

09.19 2008

Was the US Treasury’s attempt to calm the markets a wise move?

In an unprecedented move on Friday morning, Treasury Secretary Henry Paulson announced several measures to help stabilize the markets. We feel that each of these measures is beneficial for market stability and short-term equity market recovery. We also believe that the full implications of these steps are unknown at this point. The details are not…

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09.15 2008

Market Update

As Houston recovers from Hurricane Ike and the financial storm on Wall Street intensifies, I would like to provide an update regarding Kanaly’s market thoughts. First, Kanaly’s investment professionals are fully engaged, with the ability to monitor markets and manage client portfolios. Second, client portfolios remain defensively positioned as we anticipated further dislocation among financial service…

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08.06 2008

July Market Update

July saw an easing to June’s market freefall, with the Dow (up 0.4%) and the S&P 500 (down 0.8%) slowing the decline that began last month. The Dow posted its first positive month since April, pulling the index out of bear market territory where it was for the majority of July.  Earnings season did little…

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06.11 2008

2008 Year-to-date Investment Performance

May 2008 Investment Performance US equities regained some ground in May, led by a 4.6% rise in small cap stocks (Russell 2000) and a 1.8% rise in large cap stocks (Russell 1000). Energy, materials and technology stocks led performance across the capitalization spectrum. The continued commodities boom contributed to a rally of over 16% in…

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06.11 2008

Market Update

The US economy has been helped by continued strength in the export sector. While most economists called for slowing, if not negative, GDP growth in the first quarter, the preliminary data showed a 0.6% increase. The final data for Q1 came in at a 0.9% increase. While the slowdown in housing and its ancillary industries…

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05.09 2008

2008 Year-to-date Investment Performance

The S&P flirted with 1,400 for the first time since early January, closing at 1,385 with its best monthly return since 2003. The drivers for this price recovery have been the slew of positive first quarter earnings from the likes ofGoogle, Boeing and American Express. According to Bloomberg, 63% of the companies in the S&P…

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04.18 2008

Market Update

U.S. stocks have rallied nearly 10% over the last month based on a handful of positive developments. First, the Federal Reserve-orchestrated buyout of Bear Stearns greatly reduced the probability of a financial system collapse. The President and Congress seemed committed to prevent a deep recession in this election year. In addition, many bank CEOs have…

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04.08 2008

2008 Year-to-date Investment Performance

Our 2008 market strategy called for a difficult start to the year due to credit market troubles and fears of recession. The month of March was filled with headlines consistent with this theme: the emergency bail-out of Bear Stearns by JPMorgan and the Federal Reserve; the Fed’s opening of the discount window to non-banks; lower…

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03.17 2008

2008 Year-to-date Investment Performance

Equity markets have struggled to a poor start to 2008 due to continued concerns in the credit markets and fears of a recession.  Virtually all asset classes aside from commodities and Treasury securities have posted declines this year.  However, Kanaly’s equity models have delivered strong outperformance in this difficult market environment.  Our three individual stock…

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03.04 2008

Market Update

After rallying for nearly three weeks, equity markets sold off sharply on Friday to end the month in the red.  Dismal economic news including higher inflation readings, continued declines in home prices, and worse than expected orders for durable goods indicate the U.S. economy is brushing with a recession.  In addition, crude oil neared its…

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