{"id":235811,"date":"2024-03-29T00:46:45","date_gmt":"2024-03-29T04:46:45","guid":{"rendered":"https:\/\/aptuscapitaladvisors.com\/?p=235811"},"modified":"2024-03-29T00:46:45","modified_gmt":"2024-03-29T04:46:45","slug":"the-market-in-pictures-march-29","status":"publish","type":"post","link":"https:\/\/aptuscapitaladvisors.com\/the-market-in-pictures-march-29\/","title":{"rendered":"The Market in Pictures, March 29"},"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

Brett:<\/em><\/strong> It\u2019s been a historic equity rally these past few months, here\u2019s where this one sits relative to others<\/em><\/p>\n

 <\/p>\n

\"\"Source: SentimenTrader as of 03.26.2024<\/p>\n

 <\/p>\n

Dave:<\/em><\/strong> ironically, against that equity rally it\u2019s been bond funds attracting a good chunk of inflows<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 03.25.2024<\/p>\n

 <\/p>\n

Beckham:<\/em><\/strong> Also interesting, this equity cycle lines up pretty tightly to the history of past election cycles<\/em><\/p>\n

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

\"\"Data as of 03.25.2024<\/p>\n

 <\/p>\n

Dave:<\/em><\/strong> and while party winner rarely drives market outcomes, there are a handful of issues that could play a role in separating winners and losers<\/em><\/p>\n

 <\/p>\n

\"\"Data as of March 2024<\/p>\n

 <\/p>\n

Brad:<\/em><\/strong> The other cycle that\u2019s bringing optimism to stocks is the earnings cycle, which to this point has been pretty narrow just like sector performance<\/em><\/p>\n

 <\/p>\n

\"\"Source: 3Fourteen Research as of 03.15.2024<\/p>\n

 <\/p>\n

Dave:<\/em><\/strong> with the expected earnings inflection particularly sharp for small-caps<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 03.18.2024<\/p>\n

 <\/p>\n

John Luke:<\/em><\/strong> We\u2019re seeing a steady increase in the number of states seeing employment weakness<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 03.26.2024<\/p>\n

 <\/p>\n

Joseph:<\/em><\/strong> and we know the yield curve has been inverted far longer than normal, which in the past has tipped off recessions<\/em><\/p>\n

 <\/p>\n

\"\"Data as of 03.16.2024<\/p>\n

 <\/p>\n

John Luke:<\/em><\/strong> but for all of the worries, there has been no indication in the credit market, where one would expect trouble to first appear<\/em><\/p>\n

 <\/p>\n

\"\"Source: CBOE as of 03.25.2024<\/p>\n

 <\/p>\n

John Luke:<\/em><\/strong> Despite the explosion of government debt, U.S. GDP has so far managed to outpace the growth of that debt<\/em><\/p>\n

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

\"\"Data as of 03.20.2024<\/p>\n

 <\/p>\n

Brad:<\/em><\/strong> with that GDP supported by the strength of the consumer, and their (low) fixed-rate debt and high rates earned on savings during this hiking cycle<\/em><\/p>\n

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

\"\"Data as of 03.22.2024<\/p>\n

 <\/p>\n

John Luke:<\/em><\/strong> One area that doesn\u2019t seem to be seeing the same positive impact is the banking sector<\/em><\/p>\n

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

\"\"Data as of 03.13.2024<\/p>\n

 <\/p>\n

Dave:<\/em><\/strong> and they\u2019ll now see a borrowing window close on them, one that was opened during the Silicon Valley Bank crisis<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 03.25.2024<\/p>\n

 <\/p>\n

Brian:<\/em><\/strong> Global benchmarks look a whole lot different than they did a century ago<\/em><\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

Dave:<\/em><\/strong> and a lot of the \u201cvaluation discount\u201d is simply a function of other countries lacking the higher-valued tech companies that make the U.S. their home<\/em><\/p>\n

 <\/p>\n

\"\"Source: BofA as of 03.15.2024<\/p>\n

 <\/p>\n

Dave:<\/em><\/strong> It\u2019s important for investors to keep an open mind while also remembering that more things can happen than will happen<\/em><\/p>\n

 <\/p>\n

\"\"Source: Strategas as of 03.16.2024<\/p>\n

\u00a0<\/strong><\/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

\u00a0<\/em>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

\u00a0<\/em>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

\u00a0<\/em>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-2404-35.<\/em><\/p>\n

 <\/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:   Brett: It\u2019s been a historic equity rally these past few months, here\u2019s where this one sits relative to others   Source: SentimenTrader as of […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","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":[561,423,132,273,347,179,145,98,153,396,49],"class_list":["post-235811","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-2024-election","tag-banking","tag-earnings","tag-equity","tag-gdp","tag-markets","tag-recession","tag-small-cap","tag-treasury","tag-unemployment","tag-yield-curve"],"yoast_head":"\nThe Market in Pictures, March 29 - 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-march-29\/\" \/>\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, March 29 - Aptus Capital Advisors\" \/>\n<meta property=\"og:description\" content=\"Our team looks at a lot of research throughout each day. 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