Stuck in Neutral

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Capital Market Indicators for Oct. 31

In the 12 months through September, the CPI accelerated 1.5%, the biggest year-over-year increase since October 2014. Plus, FactSet reports an expected Q3 2016 year-over-year S&P 500 earnings decline of 0.3%.

Where’s the Offensive Unit?

The market’s defense team has been doing great since July, allowing just one correction (albeit a rather lengthy one) of 3.6% so far. The offense, however, has been conspicuous by its absence.

Dodging Bullets

The post-breakaway-momentum environment appears less robust, and the two September downside days have yet to be offset. This leaves us with a market which needs to generate some real strength to give us some positive readings, not just non-negative ones.