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This has become quite difficult to do in recent times as markets no longer appear to be driven by corporate fundamentals or macroeconomics.
Rather, markets have been moved by: 1 passive investment flows; 2 corporate stock buy-backs; 3 TINA There Is No Alternativeespecially for baby boomers looking click some interest or dividend income in this time of microscopic interest rates; 4 Presidential Tweets, and by 5 liquidity injections money printing by central banks, also called quantitative easing QE.
My view of market value continues to be tied to what the macroeconomics and corporate fundamentals tell me, as I believe that, eventually, those will be reasserted in market prices.
The Santa Rally Equity markets continued to rise in the U.
Record highs were hit on all three major U.
Indexes in late December.
Indeed, the belief is that the Fed acted in time, we are going to have a soft landing, that Q4 will be the low point, and that the economies of the U.
Note that in-store real sales are flat.
Personal Spending rose +0.
Both were higher than consensus.
In the short-run, financial market will be very much influenced by U.
A second short-run key for markets going forward will be the January 3 rd employment report.
So, if, indeed, their support of the repo market is only temporary, as they have indicated, then markets should watch-out when the music stops.
India, the fastest growing economy, has slowed markedly.
And Europe is completely stagnant.
Compare that to reality.
We know for certain that the manufacturing sector is in recession.
The export data contraction is too severe to have been caused just by the tariff skirmishes.
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What happens to markets if reality disappoints?
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Markets rose in 2019 for the reasons I described at the top of this article, not due to the economic or corporate environment.
It is very possible that this can continue.
But, without any gauges or guides as to when markets might revert-back toward more traditional valuation metrics, it does appear that new money going into the general indexes is at risk.
He is a casino malaysia 2020 advisor at Four Star Wealth Advisors.
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The Malaysian outfit lacks the scale or the glitz casino malaysia 2020 rivals in Las Vegas and Macau but it has an ace up its sleeve to enter the hotly anticipated new market in 2020.
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That makes the underdog a more palatable winner too.
If the Malaysians play their cards right in Japan, they might hit the jackpot in multiple ways.
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