Richard Moore
13 posts
Valuation factors are modestly negative even though interest rates are quite low and the Federal Reserve has pledged to keep them there for some time.
As we enter August, the earnings outlook for the S&P 500 Index continues to deteriorate for this year and next.
The most bullish market factor is still the upward trend in earnings estimates for the S&P 500 in 2012.
The market continued its winning ways in February as it slowly but surely moved ahead. Most major averages surpassed the levels attained in the spring of 2011.
I am comfortable continuing with my 100% cash position at this time, pending a clearer view of earnings prospects and a possible improvement in my sentiment indicators.