Beta Fund Commentary

Straight Out of the Gate

Thursday, April 17, 2014, Market Commentary


Market Recap:
Stocks rallied out of the gate on Wednesday on the heels of strong corporate earnings and slightly better than forecast Chinese economic data. The rally gained steam mid-day after Fed Chairwoman Janet Yellen reassured investors that accommodative monetary policy would be around for as long as needed, adding that she was convinced that once the time came to reverse policy steps the Fed could do so without unduly negatively impacting the economy. We are inclined to agree with the Chairwoman, as the Fed tapering has not driven interest rates higher as so many feared. All sectors of the S&P were higher, with materials and technology shares leading the way. Commodities were mostly higher, with only some agricultural commodities falling slightly. Treasuries fell slightly.

Looking Ahead:
Market participants will be greeted by several economic reports, as well as key earnings. Moreover, Google (GOOG) reported earnings after the close on Wednesday, which missed earnings estimates – causing the stock to drop several percentage points in after-hours trading. Should stocks hold their current levels heading into the three-day Easter weekend, investors can take some solace in the fact that after Wednesday’s sharp rally, major averages once again sit above their 100 day moving average – a positive technical sign.

Make sure to tune into Money Matters with Gary Goldberg this Saturday at 2:00 PM on WOR 710 AM Radio to hear our latest economic analysis, interviews with some of today’s most respected business leaders, as well as our ongoing market commentary. This Saturdays guest Gary interviews Sandi Lansky, the daughter of the none other Meyer Lansky. Visit www.ggfs.com for details.

Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Encouraging news from corporate America

Wednesday, April 16, 2014, Market Commentary

Market Recap:
Stocks received some encouraging news from corporate America as several companies reported earnings that beat estimates and inflation data showed only a minor rise – with the exception of food prices, which climbed 0.4%. Stocks retreated by mid-day as market participants became increasingly worried about the rising tensions between Russia and Ukraine after the Ukrainian Prime Minister announced troops had been mobilized to quell violence in the eastern part of the nation. The NASDAQ was hit particularly hard, as the index fell by more than 2% - nearly fourfold the losses registered by the S&P or DJIA. However, by the end of the day, markets had regained their footing ending the day near their intra-day highs. Commodities were mostly lower, with Gold falling the most of any day during this year. After the close, Intel (INTC) and Yahoo (YHOO) released earnings, both companies slightly beat earnings and revenue estimates.

Looking ahead:
Earnings season heats up on Wednesday as Abbot Labs (ABT), American Express (AXP), IBM (IBM) and Google (GOOG) are among some 100 companies reporting earnings. Additionally look for the market to take its cue from economic data, mainly from Housing Starts and Industrial Production figures being released in the morning. Lastly, market volatility could rise in the afternoon as Fed Chairwoman Yellen takes the stage and addresses The Economic Club in New York. While this is not a formal testimony or official policy address, speeches of this nature have often been overly scrutinized by market participants in an effort to “front-run” official announcements. One thing remains relatively certain – market volatility is here to stay, and market direction is nearly impossible to guess. As such, we continue to tune-out short-term noise and are focusing on market fundamentals. As we pointed out in yesterday morning’s special market retrospective, as long as corporate earnings continue to rise, the global economy stabilizes and grows at a moderate pace, and inflation remains benign, the longer term trajectory of the market should remain upward sloping.

Make sure to tune into Money Matters with Gary Goldberg this Saturday at 2:00 PM on WOR 710 AM Radio to hear our complete economic analysis, a great interview with Meyer Lansky’s daughter, as well as our ongoing market commentary. Visit www.ggfs.com for details.

Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Market retrospective: The Battle for Leadership

Tuesday, April 15, 2014, Market Commentary

Market Retrospective:
As the push and pull between market bulls and bears continues and the battle for leadership between momentum and defensive stocks rages on, we remind investors that dividends have historically accounted for just under half of the total return of the market as a whole. While the current levels of volatility and heightened geopolitical pressures give all investors plenty to fret about, the bottom line is that the market – as measured by the S&P 500 – currently sits in positive territory for the year and has gained over 18% in the past 12 months. Hardly a poor return.

Since the bottom of the market crash in March 2009, U.S. equities have gained nearly 200%. This has occurred as a result of five critical components: First, the world didn’t come to an end as many feared and investors realized that the sell-off was greatly exaggerated and created tremendous buying opportunities. Second, as a result of heavy handed intrusion by the Federal Reserve and other Central Banks, supply of money (in the form of QE 1, 2, 3 and Operation Twist) helped drive asset prices higher. Third, the sharp decline in interest rates (orchestrated by Central Banks) made hard assets and access to capital relatively cheap. Fourth, as a results of items 2 and 3, the global economy started rebounding and eventually got its feet under its ground – growing at a mild pace, but critically without inflationary pressures to derail the impact of the growth. Fifth, corporate earnings (aggregate earnings of the companies within the S&P 500) soared from just over $16 per share in the first quarter of 2009 to $28.24 in the fourth quarter of 2013 – exceeding their previous peak of $24.06 set in Q2 ‘07.

It’s important to understand this, because it shows that markets didn’t just rise as a result of artificial manipulation or gimmickry as some would have you believe. Even more importantly, while QE is coming to an end, the other the factors that helped drive the market higher are still in place.

No one should argue that U.S. stocks are extremely cheap or represent the extreme values their offered in 2009. However, given that Central Banks, including our Federal Reserve, have pledged to keep interest rates low for quite some time, that the global economy continues to gain strength and that corporate earnings are expected to continue to rise, we suspect stock prices will also rise.

As we stated in our January and again April newsletter, we expect market volatility to remain at the forefront. Additionally, a short-term correction - perhaps as steep as 10% - should be expected as a normal course of market action. However, over the longer term, we believe that conditions for further gains are present, and that high-quality dividend paying stocks are a great foundation of a growth oriented portfolio. It will all come down to continued economic growth and rising corporate earnings in a low-inflation environment – which, so far, looks promising.

Make sure to tune into Money Matter with Gary Goldberg this Saturday at 2:00 PM on WOR 710 AM Radio to hear our complete economic analysis, interviews with some of today’s most respected business leaders, as well as our ongoing market commentary. Visit www.ggfs.com for details.

Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Stocks reversed direction on Monday

Monday, April 14, 2014, Market Commentary


Market Recap: 
Stocks reversed direction on Monday, erasing half of last week’s losses by gaining just over 1% across the board. Moreover, although stocks sold off in mid-day, they reversed direction again to end near the day's highs. All sectors of the S&P were higher, with cyclical stocks leading the way and telecom and utilities lagging. Today's market action should be viewed as encouraging, as major indexes bounced off support levels. We maintain our view that a rotation into high-quality dividend paying stocks will continue. Strong retail sales in March and upward revisions to the February data is encouraging to market participants, offsetting rising tensions in the Ukraine. Commodities were modestly higher, while the dollar and Treasuries sold-off slightly.

Earnings and economic data, including tomorrow's CPI data will prove critical to the market direction. According to a report by Investor’s Business Daily, some high-flying sectors such as biotechnology are now some 20% off their late February highs. While these may seem attractive, we continue to see heightened volatility ahead and believe that a defensive position remains appropriate.

Make sure to tune into Money Matters with Gary Goldberg this Saturday at 2:00 PM on WOR 710 AM Radio to hear our latest economic analysis, interviews with some of today's most respected business leaders, as well as our ongoing market commentary. Visit www.ggfs.com for details.

Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Push & Pull amounts to Zero

Friday, April 11, 2014, Market Commentary


Market Recap: 
Stocks sold off sharply in spite of falling jobless claims and robust earnings reports on Thursday. Technology and other so called momentum stocks led the decline, as the NASDAQ fell over 2%. All sectors of the S&P were lower, while Treasuries rallied and commodities generally strengthened. While markets continue to experience heightened volatility, we remind investors that so far this year, the push and pull has essentially amounted to a zero sum gain / loss – watch our discussion on CNBC here:



Oliver Pursche, President of GGFS on CNBC: Pressure to hit financials

Looking Ahead: 
As we’ve been stating for several weeks, we believe that markets will only rally on the back of strong corporate earnings. While still very early in the reporting season, we believe that given the very low growth expectations by most market participants an upside surprise is likely. However, we warn investors not to attempt to “catch a falling knife” and remain disciplined in their investment process. As we discussed on CNBC yesterday, this is the time when investors need to decide if they want to be investors or traders. Investors have every reason to stay the course and remain optimistic, while traders will want to try their luck at market timing – something we strongly caution against.

Next Week's Market Moving Events:

Monday:

Before the market open – Eurozone Industrial Production, followed by U.S. retail sales and business inventories. Citi Group reports earnings

Tuesday:
Before the market open – Same store sales, Consumer price data, Empire State Manufacturing Survey results, US Redbook. After the close: Chinese GDP and Industrial Production. The Coca Cola Co, CSX and Yahoo report earnings

Wednesday:
Before the market open – US Housing Starts, Industrial Production, Atlanta Fed Inflation expectations, U.S. Beige Book. Abbott Labs and IBM report earnings

Thursday:
Bloomberg Consumer Comfort Index, Philly Fed Survey. Black Rock, General Electric, Honeywell, Morgan Stanley and Philip Morris report earnings

Friday:
U.S. Leading Indicators.


Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Market participants find themselves pleasantly surprised

Thursday, April 10, 2014, Market Commentary


Market Recap:
Better than expected earnings from ALCOA on Tuesday afternoon along with dovish statements from the Fed yesterday rejuvenated market bulls and helped drive stocks up by more than 1%. While there were no real surprises in the FOMC minutes, the elimination of the 6.5% unemployment threshold along with guidance that interests rates would likely remain very low even once the Fed’s 2% inflation target was reached, proved sufficient to lift investor sentiment. All sectors of the S&P were higher, led by Healthcare and Material shares. Commodities also rose, with Oil leading the way, while the Treasury curve steepened.

Looking Ahead:
While the dovish stance by the Fed ignited the rally on Wednesday, we continue to believe that any significant market gains will have to come as a result of stronger than forecast earnings. While consensus estimates (according to Thomson Reuters) see earnings growth at a meek 1% year-over-year, we believe the recent downward revisions have been exaggerated and that market participants will find themselves pleasantly surprised over the next couple of weeks. From a sector basis, we continue to favor Large-Cap Technology shares, along with Healthcare and Industrial shares, while underweighting small-cap and consumer cyclical stocks. Don’t miss our Co-Portfolio Manager, Oliver Pursche, on CNBC this afternoon at 4:00 PM when he joins Kelly Evans and Bill Griffeth on the Floor of the New York Stock Exchange to provide our latest outlook.

And don’t miss Money Matters with Gary Goldberg this Saturday at 2:00 PM on WOR 710 AM Radio to get our complete economic analysis, hear a great interview with Carrie Schwab-Pomerantz (daughter of legendary investor Charles Schwab), as well as our ongoing market commentary. Visit www.ggfs.com for details.


Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Earnings & Fed meeting remain prime focus

Wednesday, April 9, 2014, Market Commentary

Market Recap:
Momentum shifted back to the upside on Tuesday as investors drove major indexes higher ahead of the first quarter earnings season. Economic news was encouraging as the JOLTS (Job Openings and Labor Turnover) report showed growing strength in private employment sector – rising to its highest level since 2007, while small business optimism grew more than forecast in March. All sectors of the S&P were higher, with technology shares leading the way. Commodities also rallied, as the dollar weakened. Treasuries were generally flat ahead of Wednesday’s 30-year auction. 

Looking Ahead:
Earnings and the Fed meeting will be the focus of investors for the remainder of this and into next week. According to Thompson Reuters, consensus places earnings growth at just 1% year-over-year, a sign of how much expectations have come down over the past month. In our view, many have overestimated the impact of the bad winter weather conditions felt in January and February and have thereby over-corrected their earnings estimates. We maintain our view that while earnings growth will be tepid, it will be stronger than consensus estimates.


Make sure to tune into CNBC on Thursday at 3:45 PM when our President, Oliver Pursche, joins Bill Griffeth and Kelly Evans on the floor of the New York Stock Exchange to discuss our complete earnings outlook. And don’t miss Money Matters with Gary Goldberg which returns to its regularly scheduled time on Saturday at 2:00 PM on WOR 710 AM Radio to hear our complete economic analysis, interviews with some of today’s most respected business leaders, as well as our ongoing market commentary. Visit
www.ggfs.com for details.

Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Expect moderate economic improvements & mediocre earnings growth

Tuesday, April 8, 2014, Market Commentary

Market Recap:
Stocks continued their retreat from the highs set last week, as investor anxiety over the upcoming earnings season rose. All sectors of the S&P were lower, with materials and industrial shares underperforming, while defensive sectors such as Utilities and Consumer Staples faired reasonably well. Commodities also sold off, while Treasuries rallied ahead of this week’s 10 year and 30 year auctions.

Looking Ahead:
Asian and European equities are following Wall Street’s lead lower overnight, as investors focus on the recent batch of mixed economic news, low inflation data, and the upcoming earnings season – which unofficially kicks off this afternoon when ALCOA reports. In our view, investors could be positively surprised by the upcoming earnings season, as expectations have come down significantly over the past few weeks. In addition to strong revenue figures, markets will likely require a positive tone to earnings conference calls before moving higher. Broadly speaking, we continue to expect moderate economic improvements and mediocre earnings growth. As such, we do not expect any material changes in monetary policy from the U.S. Federal Reserve, and believe that a “slow grind higher” is the most likely scenario for stock prices. Don’t miss our President, Oliver Pursche, when he joins Bill Griffeth and Kelly Evans on the floor of the New York Stock Exchange this Thursday at 3:45 PM to give our latest analysis and outlook.

And don’t miss Money Matters with Gary Goldberg which returns to its normal schedule this Saturday at 2:00 PM on WOR 710 AM Radio to hear our complete economic analysis, interviews with some of today’s most respected business leaders, as well as our ongoing market commentary. Visit www.ggfs.com for details.

Download our Mobile App today.

by thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Busy Week for Markets

Monday, April 7, 2014, Market Commentary

Market Recap:
Stocks lost ground on Friday as economic news was only moderately encouraging and investors remained in “profit-taking” mode.  All sectors of the S&P were lower, with technology shares leading to the downside as the NASDAQ fell by 2%. It is possible that the market is in the early stages of a sector rotation out of momentum stocks and into defensive and high-quality dividend paying stocks. While we very much welcome such a rotation, as it favors our investment style, we urge investors not to overreact and rush to judgment, as we continue to like large-cap technology companies as a long-term core holding for investors.

Looking Ahead:
It will be a busy week for markets. In addition to the unofficial earnings season kick-off on Tuesday when ALCOA reports after the close, investors will get a slew of economic data as well as the release of the FOMC minutes on Wednesday. In our view, while market volatility will likely remain near current levels, we do not expect much of a change in absolute terms from indexes. Given that economic news continues to improve, albeit at a slowing pace, and that the Federal Reserve and other Central Banks have all indicated and pledged continued easing and accommodative monetary policies, we do not see any catalysts for a change in overall momentum or the risks of a prolonged Bear-market cycle. For more details on our perspective and the reasoning behind it, please review our latest report “Rising Rates and Changing Policy: Will they derail the bull market?” (Direct Link) And don’t miss our President, Oliver Pursche, this Thursday on CNBC live from the New York Stock Exchange at 3:45 PM, when he discusses our earnings outlook and overall market sentiment.

Make sure to tune into Money Matters with Gary Goldberg this Saturday at 2:00 PM on WOR Radio, 710 AM on your dial, to hear our complete economic analysis, interviews with some of today’s most respected business leaders, as well as our ongoing market commentary. Visit www.ggfs.com for details.

Download our Mobile App today.

by 
thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

Next Week’s Key Events

Friday, April 4, 2014, Market Commentary

Market Recap:
After three consecutive up days, investors took a breather on Thursday, as major indexes pulled back slightly ahead of Friday’s non-farm payrolls data. Economic news was benign on Thursday, as service sector growth improved slightly more than forecast while jobless claims increased slightly. Sectors of the S&P were mostly lower, with technology shares fairing worst as the NASDAQ declined by almost 1%. Commodities were relatively strong, while Treasuries rose slightly.

Looking Ahead:
Overall risk sentiment remains positive, although there is a sense of some buyer’s exhaustion as well as anxiety heading into the first quarter earnings season with unofficially kicks off next Tuesday afternoon when ALCOA reports. Consensus estimates are that full-year earnings for the average company within the S&P 500 will grow by 15.1%, a figure we suspect will surely come down. None-the-less, we expect a relatively strong earnings season, especially given the lowered expectations on account of the harsh winter weather. Moreover, we expect overall positive surprises on the revenue front, which is an area investors have grown more concerned with over the past few quarters.

Next Week's Key Events:

Monday:
Before the open – German Industrial Production and US Consumer Spending data, followed by US Consumer Credit at 3:00 PM

Tuesday:
Before the open – Small Business Optimism Index, followed by JOLTS report. ALCOA reports after the close

Wednesday:
Before the open – Mortgage application, followed by Wholesale Trade and the 2:00 PM release of the FOMC Minutes

Thursday:
Before the open – Chain Store Sales and Jobless Claims, followed by Import / Export data

Friday:
Before the open – Producer Price Index and Consumer Sentiment, followed by earnings reports from JP Morgan Chase and Wells Fargo

Please note that Money Matters with Gary Goldberg will not air this week. We will return to our regular schedule next Saturday at 2:00 PM on WOR 710 AM Radio. Visit our website www.ggfs.com for details.

Download our Mobile App today.

by 
thebetafund.com
Montebello Partners LLC

Opinions express herein are those of Oliver Pursche, and are subject to change without notice and may differ or be contrary to the opinions or recommendations of Gary Goldberg Financial Services or Montebello Partners, LLC. These opinions are not investment advice, recommendations, or an offer or solicitation to buy or sell any securities. Any price or quotation contained herein are indicative only and do not constitute an offer to buy or sell any securities at any given price. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, or appropriateness of the information or methodology contained in this material. Opinions expressed are not investment recommendation or advice and should only be considered as a single factor in any investment decision. Investors should consult with their own investment advisor prior to making any investment decisions. Gary Goldberg Financial Services, Montebello Partners, and/or their affiliates may have an interest long or short and may be actively trading the securities mentioned in this report and may in fact be executing a strategy contrary to the opinion shared within this report. Gary Goldberg Financial Service, Montebello Partners, LLC, its directors, officers and employees, including Oliver Pursche, do not accept any responsibility or liability for any loss or damage arising out of the use of all or any part of these materials. 

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Category Archives

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Recent Posts

  1. Straight Out of the Gate
    Thursday, April 17, 2014
  2. Encouraging news from corporate America
    Wednesday, April 16, 2014
  3. Market retrospective: The Battle for Leadership
    Tuesday, April 15, 2014
  4. Stocks reversed direction on Monday
    Monday, April 14, 2014
  5. Push & Pull amounts to Zero
    Friday, April 11, 2014
  6. Market participants find themselves pleasantly surprised
    Thursday, April 10, 2014
  7. Earnings & Fed meeting remain prime focus
    Wednesday, April 09, 2014
  8. Expect moderate economic improvements & mediocre earnings growth
    Tuesday, April 08, 2014
  9. Busy Week for Markets
    Monday, April 07, 2014
  10. Next Week’s Key Events
    Friday, April 04, 2014

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