Market Commentary for 2010
December 6, 2010
The markets are at a delicate enough inflection point that action in either direction will likely change our allocations. Renewed interest in speculation with confirming market breadth and higher price will enable us to reallocate to new positions showing the best relative performance.
November 1, 2010
So far during October, equities rallied 3-5% with a powerful combination of favorable technicals, fundamentals, and macro economics. As you know, our tactical model reacts to current market conditions as perceived by Stadion's basket of technical indications, creating what we call the weight of the evidence.
October 4, 2010
As August ended, the S&P 500 found its way back to the infamous 1040 level, down about 15% from yearly highs. With short-term interest rates very low, we defensively positioned ourselves farther out on the yield curve into longer-duration treasuries and investment-grade debt on the short end in order to capture a spread over low short-term rates.
September 2, 2010
Our tactical investment mandate and technical investment model are well suited to navigate the uncertain markets ahead. Our "edge" is being able to determine when to be invested, but more importantly, when NOT to be invested.
August 2, 2010
During the second quarter of 2010 the major market averages posted losses exceeding 10%. July, however, brought about a much needed reprieve with positive price appreciation
July 1, 2010
It is safe to say that a cyclical (short-term) bull market commenced in March 2009. Bull markets are formed when all pullbacks inside the bull are contained at a higher price than the previous pullback. We saw pullbacks during the summer and fall of 2009, and on February 5, 2010 when the S&P 500 Index was at a low price of 1045. Most recently on June 7th, the S&P 500 Index tested this level successfully, meaning that buyers bid-up the price of underlying securities.
June 9, 2010
Stadion clients can be assured that we are reading and reacting to the market data and balancing safety and return according to our rules-driven process.
May 3, 2010
As the second quarter began the equity markets continued a powerful uptrend supported by positive market technicals, fundamentals and macro-economic news. Midst abundant optimism , the markets traded even higher during April thanks to positive earnings announcements, with over 80% of companies beating estimates. The markets ascended vigorously through mid-month when we began to see a slowed upward momentum, sideways price movement and increased volatility as headlines shifted from pleasant earnings surprises to negative events.
April 1, 2010
At Stadion, we react to what is happening right now versus attempting to predict where the market might be headed. Even our market-reactive (vs. predictive) model can be wrong, but over time it assures we won't stay wrong for long. This means you can rest well at night knowing that even when we have one foot pressing the throttle, the is other poised over the brake.
March 10, 2010
The average investor is often affected emotionally by short term gyrations as the investment "crowd" moves in one direction, and the market in another. During February we saw heavy bearish sentiment readings from surveys such as Investor's Intelligence and American Association of Individual Investors.
February 2010 Market Commentary
February 1, 2010
What a difference a couple weeks can make! After a strong start in the first week of the New Year, we saw a sideways second week, and then watched the third week descend into uncertainty.
February 1, 2010
The difference between my mindset and Hogan's is that my golf shot really didn't matter and his did. I was playing for fun, he was playing for keeps. There is a parallel between that story and Stadion's philosophy of managing money. We realize that clients are trusting us with their serious money. Money they know they'll need to live a comfortable retirement. They are playing for keeps.