Research & Market Insights

11.24 2008

Weekly Market Update – November 24, 2008

Amid additional weak economic data, the prospect of bankruptcy for one or more U.S. automakers, and a 60% one-week decline in Citigroup’s stock, the Dow and S&P blew through previous support levels last week to touch lows not seen since April 1997. For several weeks, we have discussed the October 10th low of 840 on…

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11.17 2008

Another Retest – Third Time The Charm?

Following another late day selloff, the S&P 500 closed within one point of its 2008 low at 850.  This is the third time the index has visited this support level in just over a month.  We have been writing that a bottoming process has been underway, and that S&P 840 had strong potential as a…

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11.10 2008

Weekly Market Update – November 10, 2008

Stocks endured yet another tumultuous week influenced by new data indicating the U.S. economy is in recession as well as sweeping changes in the political landscape following a historic election. After enjoying a 4% rally on Tuesday (the biggest election day rally in history), stocks proceeded to lose 10% over the next two days for…

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11.03 2008

Weekly Market Update – November 3, 2008

Global stocks rallied strongly last week as panic selling began to ebb, the Federal Reserve lowered interest rates, and the credit crisis showed signs of easing. The S&P 500 posted its best weekly gain in 34 years, rising 10% to 968.75, while the Dow Jones Industrial Average climbed 11% to close on Halloween at 9,325.01….

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10.27 2008

Market Outlook

Global stocks endured another volatile week of losses, with many indices closing at a 5-1/2 year low. The selling pressure began outside the U.S. amid growing fears that the world economy is entering recession. However, the real story is the massive mutual fund and hedge fund redemptions that are driving forced liquidation of assets. Over…

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10.16 2008

Nice Close with Positive Implications

Market action today was encouraging and supportive of our case that last Friday marked at least a short-term low for equities.  An early plunge of nearly 400 points on the Dow this morning gave way to an upward move of nearly 800 points.  Market internals were positive as well, as advancing stocks exceeding declining stocks…

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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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