| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG |
Brian Belski
Investment Committee Member |
"We're in the process of transitioning... from a momentum multiple driven market to an earnings driven market... Other areas of the market are working: Dividend Growth, Value, Small Cap." As the bull market matures (Year 4), price appreciation will no longer come from PE expansion (hype) but from actual earnings delivery. Since Small Caps and Value have lagged, capital will rotate there as they gain earnings credibility. LONG. Focus on Dividend Growth and Small Cap sectors as the market broadens. If rates stay persistently high, Small Caps (which are rate-sensitive) may struggle to finance growth. | 7:06 | |
| AVOID |
Joe Terranova
Senior Managing Director, Virtus Investment Partners |
"What's troubling the market today... is a little bit of a rollover in Crypto... and Software... looks like Software is kind of rolling over a little bit." The immediate post-jobs report reaction is hitting high-duration, high-beta assets hardest. The "momentum" factor is shifting away from these speculative sectors toward quality/value. AVOID. Short-term weakness is visible in these specific momentum pockets. A sudden drop in yields could reignite the bid for high-duration tech and crypto assets. | 1:26 | |
| WATCH |
Carrie Firestone
Investment Committee Member |
"You take it in aggregate... there's a few big things that buoy the whole thing up. You disaggregate it, you look at the other 493, it's not as rosy a picture." While the headline S&P 500 earnings look strong, they are distorted by Mega Caps. The underlying health of the remaining 493 companies is questionable, suggesting the "broadening" narrative faces fundamental headwinds if those companies don't deliver earnings growth. WATCH. Be careful assuming the "average" stock is healthy just because the index is up; stock selection is critical outside the Mega Caps. If the economy accelerates significantly (soft landing achieved), the "493" earnings could catch up rapidly. | — |