Summary
Economy: Industrial Production flat in May – up 2.2% year-over-year -- best since 2015; Regional Fed data points higher – Philly Index trending higher while NY Manufacturing Index jumps to the highest level since 2014
Fed Policy: Fed raised rates for the second time this year and the fourth hike in the cycle -- indicating one more rate hike before year end
Sentiment: Indicators of investor psychology show optimism but short of levels considered excessive
Strongest Sectors: Health care and financials and utilities move into top RS rankings
Summary
Economy: Housing rebounds –starts
increase for first time in four months – Building
permits climb the most since fourth quarter
2015; Conference Board’s Leading Economic
Index climbs most since December
Fed Policy: Policy committee meets July 25-
26 – no change expected in interest rates
Sentiment: Indicators of investor psychology
show optimism ticking up last week
Strongest Sectors: Financials, tech,
materials, industrials and health care
Stronger GDP Data Suggests Resilient Economy
Summary
Economy: Second-quarter GDP improves to
2.6% assisted by increase in consumer
spending and export growth
Fed Policy: Yellen leaves rates unchanged/
suggests October start to portfolio reduction
Sentiment: Indicators of investor psychology
show leap in optimism
Strongest Sectors: Financials, tech,
materials and industrials
Summary
Economy: Housing rebounds –starts
increase for first time in four months – Building
permits climb the most since fourth quarter
2015; Conference Board’s Leading Economic
Index climbs most since December
Fed Policy: Policy committee meets July 25-
26 – no change expected in interest rates
Sentiment: Indicators of investor psychology
show optimism ticking up last week
Strongest Sectors: Financials, tech,
materials, industrials and health care
Stronger GDP Data Suggests Resilient Economy
Summary
Economy: Second-quarter GDP improves to
2.6% assisted by increase in consumer
spending and export growth
Fed Policy: Yellen leaves rates unchanged/
suggests October start to portfolio reduction
Sentiment: Indicators of investor psychology
show leap in optimism
Strongest Sectors: Financials, tech,
materials and industrials
Summary
Economy: Economic data mixed - ISM Non-Manufacturing Index falls to lowest level of the year; July jobs data stronger than forecast
Fed Policy: G-20 inflation falls to lowest level since 2009; reduces odds of rate hike in fourth quarter
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Utilities, health care and telecom gaining in relative strength
Summary
Economy: Upside surprises = June Jobs Report strong; ISM Manufacturing and non-manufacturing indices tick up; trade deficit narrows
Fed Policy: Yellen points to potential September drawdown in balance sheet
Sentiment: Indicators of investor psychology show optimism but short of levels considered excessive
Strongest Sectors: Those most closely tied to the economy; industrials, financials and material sectors exhibiting strongest RS
October 2018 saw the Indian markets tumble by about 5 per cent, in a month that saw heavy volatility in the equity markets owing to on-going concerns regarding weakening currency, rising crude oil prices, widening fiscal deficit, along with muted earnings performance and the liquidity crunch-woes in the NBFC sector.
Weekly Market Notes for August 14, 2017Sarah Cuddy
Summary
Economy: Consumer Comfort Index jumps to 16-year high; inflation data shows CPI rising at 1.7% year-over-year; wholesale prices (PPI) declined in July
Fed Policy: Weak inflation data triggers decline in expectations the Fed will raise rate again in 2017
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Financials remain near top in relative strength - long-term bullish indicator for stocks
Summary
Economy: Economic data mixed - ISM Non-Manufacturing Index falls to lowest level of the year; July jobs data stronger than forecast
Fed Policy: G-20 inflation falls to lowest level since 2009; reduces odds of rate hike in fourth quarter
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Utilities, health care and telecom gaining in relative strength
Summary
Economy: Upside surprises = June Jobs Report strong; ISM Manufacturing and non-manufacturing indices tick up; trade deficit narrows
Fed Policy: Yellen points to potential September drawdown in balance sheet
Sentiment: Indicators of investor psychology show optimism but short of levels considered excessive
Strongest Sectors: Those most closely tied to the economy; industrials, financials and material sectors exhibiting strongest RS
October 2018 saw the Indian markets tumble by about 5 per cent, in a month that saw heavy volatility in the equity markets owing to on-going concerns regarding weakening currency, rising crude oil prices, widening fiscal deficit, along with muted earnings performance and the liquidity crunch-woes in the NBFC sector.
Weekly Market Notes for August 14, 2017Sarah Cuddy
Summary
Economy: Consumer Comfort Index jumps to 16-year high; inflation data shows CPI rising at 1.7% year-over-year; wholesale prices (PPI) declined in July
Fed Policy: Weak inflation data triggers decline in expectations the Fed will raise rate again in 2017
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Financials remain near top in relative strength - long-term bullish indicator for stocks
Following an impressive bounce back from February lows, the durability of the current bull market remains suspect. The benefits of the recent rally appear limited to the large cap, defensive sectors of the market. In prior market cycles, this has portended that the latter stages of a bull market are fast approaching and as such, caution is warranted.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Weekly Market Notes for June 19, 2017
1. Bruce Bittles
Chief Investment Strategist
bbittles@rwbaird.com
941-906-2830
William Delwiche, CMT, CFA
Investment Strategist
wdelwiche@rwbaird.com
414-298-7802
Please refer to Appendix – Important Disclosures
Sector Rotation Bullish for Stocks
The Dow Industrials reached a record high last week but the best performance was seen in small-cap indices including the
Russell 2000 Index which gained more than 1.00%. A late-week rotation away from the 2017 market leaders into previously
underperforming sectors is considered a potentially bullish development. A major
concern has been that only a small group of stocks representing slightly more than
1.0% of the S&P 500 have a weighting of more than 13%. Nearly 40% of the gain in
the S&P 500 this year is attributed to just five issues. Extremely narrow leadership is
often seen near the end of a bull market. One week’s performance cannot be
considered a trend, but should the emphasis continue to shift away from a handful of
stocks into a broader range of groups and sectors it would be a healthy development
that could significantly extend the life of the bull market.
The fact that the materials sector soared to a record high last week also has bullish
ramifications. Raw material prices are a dependable leading indicator of economic
strength. A continued rally in the energy, materials and financial sectors would argue
that the U.S. economy is gaining momentum and that the strong earnings growth
recorded in the first quarter could persist in 2017. Fed Chief Janet Yellen is widely
anticipated to raise the fed funds level 25 basis points on Wednesday. A rate increase
is fully priced into the financial markets and suggests that the Fed believes business
conditions are strong enough to absorb higher interest costs. The markets will be
more focused on what the Fed will do in the second half of the year which could keep
markets on the defensive into the news.
The technical condition of the stock market continues to favor the upside. The strongest evidence that further upside progress
can be expected can be found in the long-term trend, which is positive for the U.S. equity markets and also seen in most foreign
markets. Strong upside momentum was lost late in the first quarter and has yet to resurface. Following the three-month
consolidation phase, we were anticipating a breakout to new highs that would be accompanied by one or more sessions where
upside volume exceeded downside volume by a ratio of 10-to-1 or more. This has led to a market that has grinded higher on the
back of just a few stocks. At the start of June, only three S&P 500 sectors were trading above their 200-day moving average. The
reversal in the technology sector last week could spark the broadening trend into more groups and sectors, which has bullish
ramifications. Investor sentiment turned more optimistic last week as the demand for puts weakened. The percentage of Wall
Street advisors with a bullish view rose sharply and the survey from the American Association of Individual Investors (AAII)
showed move bulls than bears, completely opposite the data from the previous week.
CBOE 10-Day Put/Call Ratio
Below 86% is bearish; Above 95% is bullish
89% 92% Neutral
CBOE 3-Day Equity Put/Call Ratio
Below 60% is bearish; Above 68% is bullish
61% 63% Neutral
VIX Volatility Index
Below 11 is bearish; Above 20 is bullish
10.7 9.8 Bearish
American Association of Individual Investors
Twice as many bulls as bears is bearish; 2X more bears than
bulls is bullish
Bulls:
Bears:
35.4%
29.5%
Bulls:
Bears:
26.9%
31.1%
Neutral
Investors Intelligence (Advisory Services)
55% bulls considered bearish/more than 25% bears is bullish
Bulls:
Bears:
55.8%
18.3 %
Bulls:
Bears:
50.0%
19.2%
Bearish
National Assoc. of Active Investment Mgrs. (NAAIM)
Below 30% is bullish; Above 80% is bearish
90% 91% Bearish
Ned Davis Research Crowd Sentiment Poll Excessive Optimism Excessive Optimism Bearish
Ned Davis Research Daily Trading Sentiment Composite Optimism Entering Optimism Entering Neutral
Weekly Market Notes
June 12, 2017
Dow Industrials 21271
S&P 500 2431
Baird Market and Investment Strategy
Summary
Economy: Housing Affordability Index drops
to lowest level in ten months – rising home
prices offset lower mortgage rates; Bloomberg
Consumer Comfort Index down for first time in
four weeks; jobless claims plunge, close to 44-
year low
Fed Policy: FOMC meets this week with rate
hike near certain
Sentiment: Demand for puts suddenly drops;
VIX hits two-decade low
Strongest Sectors: Materials, financials and
health care climbing in relative strength
2. Weekly Market Notes
Robert W. Baird & Co. Page 2 of 4
Source: Ned Davis Research
RS Ranking RS
Current Previous Trend
Leaders: Internet Software & Services; Data Processing & Outsourced
Services; Application Software; Systems Software; Home
Entertainment Software; Electronic Components; Electronic
Manufacturing Services; Semiconductor Equipment;
Semiconductors
Laggards:
Leaders: Airlines
Laggards: Construction & Engineering; Trading Companies & Distributors;
Research & Consulting Services
Leaders:
Laggards:
Leaders: Auto Parts & Equipment; Casinos & Gaming; Hotels, Resorts &
Cruise Lines; Restaurants; Specialized Consumer Services;
Internet Retail; Computer & Electronics Retail
Laggards: Motorcycle Manufacturers; Department Stores; General
Merchandise Stores; Apparel Retail; Automotive Retail;
Homefurnishing Retail
Leaders:
Laggards: Commodity Chemicals
Leaders:
Laggards: Retail REIT's
Leaders: Managed Health Care; Health Care Technology; Life Science Tools
& Services
Laggards: Health Care Services
Leaders:
Laggards: Brewers; Agricultural Products
Leaders:
Laggards: Integrated Telecom Services
Leaders:
Laggards: Oil & Gas Drilling; Oil & Gas Equipment & Services; Integrated
Oil & Gas; Oil & Gas Exploration & Production; Oil & Gas
Storage & Transportation
** Denotes Current Relative Strength‐Based Overweight Sectors
Energy 10 10
Health Care 7 8
Financials 6 5
Consumer Staples 8 6
Telecom Services 9 9
Consumer
Discretionary
4 ** 3
Materials 5 7
Industrials 2 ** 4
Utilities 3 ** 2
Information
Technology
1 ** 1
Sub‐Industry Detail
3. Weekly Market Notes
Robert W. Baird & Co. Page 3 of 4
Appendix – Important Disclosures and Analyst Certification
This is not a complete analysis of every material fact regarding any company, industry or security. The opinions
expressed here reflect our judgment at this date and are subject to change. The information has been obtained
from sources we consider to be reliable, but we cannot guarantee the accuracy.
ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST
The Dow Jones Industrial Average, S&P 500, S&P 400 and Russell 2000 are unmanaged common stock indices
used to measure and report performance of various sectors of the stock market; direct investment in indices is
not available.
Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by the
United States Securities and Exchange Commission, FINRA, and various other self-regulatory organizations and
those laws and regulations may differ from Australian laws. This report has been prepared in accordance with
the laws and regulations governing United States broker-dealers and not Australian laws.
Copyright 2017 Robert W. Baird & Co. Incorporated
Other Disclosures
United Kingdom (“UK”) disclosure requirements for the purpose of distributing this research into the UK
and other countries for which Robert W. Baird Limited (“RWBL”) holds a MiFID passport.
This material is distributed in the UK and the European Economic Area (“EEA”) by RWBL, which has an office at
Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB and is authorized and regulated by the Financial
Conduct Authority (“FCA”).
For the purposes of the FCA requirements, this investment research report is classified as investment research
and is objective. The views contained in this report (i) do not necessarily correspond to, and may differ from, the
views of Robert W. Baird Limited or any other entity within the Baird Group, in particular Robert W. Baird & Co.
Incorporated, and (ii) may differ from the views of another individual of Robert W. Baird Limited.
All substantially material sources of the information contained in this report are disclosed. All sources of
information in this report are reliable, but where there is any doubt as to reliability of a particular source, this is
clearly indicated.
Robert W. Baird Group and or one of its affiliates may at any time have a long or short position in the
company/companies mentioned in this report. Where the Group holds a long or short position exceeding 0.5%
of the total issued share capital of the issuer, this will be disclosed separately by your RWBL representative upon
request.
This material is only directed at and is only made available to persons in the EEA who would satisfy the criteria of
being "Professional" investors under MiFID and to persons in the UK falling within articles 19, 38, 47, and 49 of
the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being
referred to as “relevant persons”). Accordingly, this document is intended only for persons regarded as
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Robert W. Baird & Co. Incorporated and RWBL have in place organizational and administrative arrangements for
the disclosure and avoidance of conflicts of interest with respect to research recommendations. Robert W. Baird
Group and or one of its affiliates may be party to an agreement with the issuer that is the subject of this report
relating to the provision of services of investment firms. An outline of the general approach taken by Robert W.
Baird Limited in relation to conflicts of interest is available from your RWBL representative upon request. Baird’s
policies and procedures are designed to identify and effectively manage conflicts of interest related to the
preparation and content of research reports and to promote objective and reliable research that reflects the truly
held opinions of research analysts. Analysts certify on a quarterly basis that such research reports accurately
reflect their personal views.
This material is not intended for persons in jurisdictions where the distribution or publication of this research
report is not permitted under the applicable laws or regulations of such jurisdiction.
4. Weekly Market Notes
Robert W. Baird & Co. Page 4 of 4
Investment involves risk. The price of securities may fluctuate and past performance is not indicative of future
results. Any recommendation contained in the research report does not have regard to the specific investment
objectives, financial situation and the particular needs of any individuals. You are advised to exercise caution in
relation to the research report. If you are in any doubt about any of the contents of this document, you should
obtain independent professional advice.
RWBL is exempt from the requirement to hold an Australian financial services license. RWBL is regulated by the
FCA under UK laws, which may differ from Australian laws. As such, this document has not been prepared in
accordance with Australian laws.