<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Standout-Negative-Year-FT-11.30-JL.png\")
Data as of 11.30.2022<\/p>\n
<\/p>\n
JL:<\/strong> with the negative correlation in recent ultra-low inflation years now returning to more typical patterns<\/em><\/p>\n <\/p>\n <\/p>\n JL:<\/strong> Valuations have come down from extreme readings<\/em><\/p>\n \u00a0<\/em><\/p>\n \u00a0<\/em><\/p>\n Dave:<\/strong> but apparently not enough to motivate insiders to step up their buying<\/em><\/p>\n \u00a0<\/em><\/p>\n \u00a0<\/em><\/p>\n Dave: <\/strong>It may feel like every fund is loaded with megacap tech, but institutions as a whole are holding them at less than index weights<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n Joseph:<\/strong> Airline passenger load has just about caught up to pre-pandemic levels. Interesting caveat, jet fuel usage is still 12% lower, meaning flights are more packed<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> In another energy-related divergence, energy stocks have raced far ahead of gains in crude oil prices<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n Dave:<\/strong> Between low valuations and the inflation backdrop, small cap investors would love to see a repeat of 1970s behavior<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> and other places to consider, if the recently weakened dollar trend persists into 2023<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> We all know the Dow Jones Industrial Average has its quirks as a 30-stock price-weighted index. This year\u2019s quirk is massive outperformance.<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n \u00a0<\/em><\/strong><\/p>\n Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward looking statements cannot be guaranteed. Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.<\/em><\/p>\n This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible. <\/em><\/p>\n Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.\u00a0<\/em><\/p>\n The S&P 500\u00ae is widely regarded as the best single gauge of large-cap U.S. equities. According to our Annual Survey of Assets, an estimated USD 15.6 trillion is indexed or benchmarked to the index, with indexed assets comprising approximately USD 7.1 trillion of this total (as of Dec. 31, 2021). The index includes 500 leading companies and covers approximately 80% of available market capitalization.\u00a0<\/em>\u00a0<\/em><\/p>\n The content and\/or when a page is marked \u201cAdvisor Use Only\u201d or \u201cFor Institutional Use\u201d, the content is only intended for financial advisors, consultants, or existing and prospective institutional investors of Aptus. These materials have not been written or approved for a retail audience or use in mind and should not be distributed to retail investors.\u00a0 Any distribution to retail investors by a registered investment adviser may violate the new Marketing Rule under the Investment Advisers Act.\u00a0 If you choose to utilize or cite material we recommend the citation, be presented in context, with similar footnotes in the material and appropriate sourcing to Aptus and\/or any other author or source references. This is notwithstanding any considerations or customizations with regards to your operations, based on your own compliance process, and compliance review with the marketing rule effective November 4, 2022.\u00a0<\/em><\/p>\n Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2212-3.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence: JL: This year stands alone in modern history, for its combination of stock \/ bond weakness Data as of 11.30.2022 JL: with […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,194],"tags":[84,356,94,276,98,168,245],"class_list":["post-232725","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-bonds","tag-crude-oil","tag-energy","tag-sp-500","tag-small-cap","tag-stocks","tag-valuations"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Stock-Bond-Correlation-11.30-JL.jpg\")
Source: The Fed Guy as of 11.30.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Forward-PE-Ratio-Bianco-11.30-JL.png\")
Source: Bianco as of 11.30.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Insider-Buying-Strategas-11.28-Dave.png\")
Source: Strategas as of 11.30.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/MegaCap-Tech-Underweights-Morgan-Stanley-11.28-Dave.png\")
Source: Morgan Stanley as of 11.28.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Passengers-vs.-Fuel-11.29-Joseph.png\")
Data as of 12.01.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Energy-Stocks-vs.-Crude-Strategas-11.28-Dave.png\")
Source: Strategas as of 11.28<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/1970s-Small-Caps-11.28-Dave.png\")
Source:\u00a0 Bank of America 11.30.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Weak-Dollar-Periods-Strategas-11.30-Brad.png\")
Source: Strategas as of 12.01.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Dow-vs.-SP-Strategas-11.28-Dave.png\")
Source: Strategas as of 11.30.22<\/p>\nDisclosures<\/strong><\/h5>\n