{"id":233016,"date":"2023-01-20T20:17:16","date_gmt":"2023-01-20T20:17:16","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=233016"},"modified":"2023-01-20T21:33:51","modified_gmt":"2023-01-20T21:33:51","slug":"the-market-in-pictures-january-20","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-january-20\/","title":{"rendered":"The Market in Pictures, January 20"},"content":{"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:<\/p>\n

 <\/p>\n

John Luke<\/strong>: It\u2019s great to see actual yield available for the first time since before the financial crisis<\/em><\/p>\n

 <\/p>\n

\"\"Source: BlackRock as of 01.03.2023<\/p>\n

 <\/p>\n

John Luke<\/strong>: though the other side of that is a significant cut into the relative value of stocks vs. bonds<\/em><\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/em>Data as of 01.18.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> Also working against equities is the emerging reduction in earnings estimates<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 01.19.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> at a time of record profit margins<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 01.18<\/p>\n

 <\/p>\n

Brad:<\/strong> This sets up a potentially tough outlook for stocks, at least until we see earnings estimate bottom<\/em><\/p>\n

 <\/p>\n

\"\"<\/em>Data as of 01.19.2023<\/p>\n

 <\/p>\n

Dave:<\/strong> We\u2019ve finally compressed enough to reach the average valuation of recent decades<\/em><\/p>\n

 <\/p>\n

\"\"Source: Bianco as of 01.17.2023<\/p>\n

 <\/p>\n

Joseph<\/strong>: with small cap stocks slightly chipping into their historically wide discount to large caps<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"Source: Strategas as of 01.17.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> The bounce in equities in recent months has been led by foreign markets<\/em><\/p>\n

 <\/p>\n

\"\"<\/em>Data as of 01.19.2023<\/p>\n

 <\/p>\n

Joseph:<\/strong> partly driven by the different makeup of foreign equity markets vs. the US<\/em><\/p>\n

 <\/p>\n

\"\"<\/em>Source: Strategas as of 01.17.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> In general, the bounce since the fall has been rather muted relative to historic bear market bottoms<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 01.18.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> with gold bouncing just as much as the S&P 500<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 01.18.2023<\/p>\n

 <\/p>\n

Brad:<\/strong> with the year-to-date bounce looking like simple mean reversion after a rough 2022\u00a0<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 01.19.2023<\/p>\n

 <\/p>\n

John Luke<\/strong>: Going forward, it\u2019s possible earnings will reclaim a role as a key market driver<\/em><\/p>\n

 <\/p>\n

\"\"<\/strong>Data as of 01.13.2023<\/p>\n

 <\/p>\n

John Luke:<\/strong> while we wait for the Fed and the bond market to reconnect their views about the future path of policy<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\"\"<\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Disclosures<\/strong><\/h5>\n

 <\/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.<\/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.<\/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

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.<\/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-2301-22.<\/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:   John Luke: It\u2019s great to see actual yield available for the first time since before the financial crisis   Source: BlackRock as of 01.03.2023 […]<\/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":[84,273,99,179,98,168,178],"class_list":["post-233016","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-bonds","tag-equity","tag-large-cap","tag-markets","tag-small-cap","tag-stocks","tag-yields"],"yoast_head":"\nThe Market in Pictures, January 20 - Aptus Capital Advisors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-january-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Market in Pictures, January 20 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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