Category: Market Insights
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The Bond Market Goes Global
As of 5/19/2026 A Synchronized Move in Long Rates Last week, the headline in US markets was a hot inflation print and a Treasury sell-off that took the 10-year yield to its highest level in fifteen months. That is a meaningful story on its own. But the more telling development was that the same move…
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The Records and the Risks: A Market Pricing Two Stories at Once
As of 5/7/2026 A Market Held at Both Ends It is unusual to see equities, bonds, oil, and currencies all flagging different versions of the same risk in the same week. The S&P 500 closed Friday at a record 7,230 and the Nasdaq Composite at a record 25,114. At the same moment, the FOMC delivered…
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Velocity vs. Valuation Support
The Rare High-Altitude Thrust The market activity of the last three weeks has been more than a strong bounce, it has been a historic outlier. Following a turbulent start to the year, US equities staged a breathtaking vertical recovery culminating in mid-April 2026. The S&P 500 surged more than 10% in just 11 trading days,…
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A Different Setup for Earnings Season
To view as a PDF, click here. Q1 earnings begin next week with valuations less extended, breadth improving, and inflation back in the frame. A Better Starting Point For the last several quarters, earnings season has often felt like a referendum on a narrow group of AI-driven mega-cap leaders. This time, the starting point is…
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When the Usual Diversifiers Stop Diversifying
To view as a PDF, click here. Markets have a way of reminding investors that “defense” is not a single trade. In a typical growth scare, the playbook is familiar: equities weaken, Treasury yields fall, long bonds rally, and gold benefits from the move toward safety. That has not been the pattern in late March.…
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Is Your Asset Allocation Working? Volatility is Rewriting the Correlation Playbook
To view as a PDF, click here. In higher-volatility regimes, diversification is not assumed, it is validated. This week’s volatility spike has an obvious catalyst: rising geopolitical tension in the Middle East and the renewed uncertainty that comes with it. However, the more important development has been happening in the background. The Cboe Volatility Index…
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Broadening Leadership Can Be Healthy, But the Transition Is Often Choppy
To view as a PDF, click here. For much of the past cycle, market performance has been driven by a very narrow group of mega-cap stocks. That dynamic can persist longer than expected, but when leadership begins to broaden, the transition is rarely smooth. This week’s charts highlight why. When a handful of stocks represent…
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Moving Beyond the Style Boxes
To view as a PDF, click here. For much of the past cycle, market performance has been driven by a very narrow group of mega-cap stocks. That dynamic can persist longer than expected, but when leadership begins to broaden, the transition is rarely smooth. This week’s charts highlight why. When a handful of stocks represent…
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Quiet Index, Busy Under the Surface
To view as a PDF, click here. Publication note: Charts and index levels in this piece are shown through January 16, 2026. Volatility repriced higher in January 20 trading, with the VIX moving above 20 amid renewed policy and geopolitical headlines. Headline equity indexes continue to trade in a relatively orderly range, but the options…
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Broadening Leadership Can Be Healthy, But the Transition Is Often Choppy
To view as a PDF, click here. Investors have heard two familiar storylines repeatedly over the last year: Both points contain a kernel of truth, but they miss what has actually been happening under the surface. The S&P 500 finished 2025 up 17.88%, marking the third consecutive year of gains. The more important takeaway for…