This Week in the Market

With Scott McCaghren and Tony LaPorta

The interesting thing to point out in the marketplace this week surrounds the fact that major indices are sitting precisely where they left off last week.  The major surprise came after the opening bell this morning which brought sharp selling across the board.  Many attributed the selloff to worries concerning the coronavirus and its potential for growth across other continents.  The mid-day time stamp brought new buyers into the equity markets for a partial rebound from morning weakness.

  These are not the same environment that we have been used to in years past.  The fact that this is the one standout session in over a month (a mild one at that) in the midst of a slow grind higher has many perplexed.  One simple perspective one must keep in mind is that the current landscape has had very significant global events thrown at it over the last 15 months or so, only to prove its constant resiliency.

We certainly do acknowledge the current as well as potential future severity of the coronavirus.  We recognize the impactful devastation that something of this nature carries alongside it.  However, the question remains the same as all of the past high-impact events: how will the market respond.  Let’s reference back to the comment above regarding the resiliency despite major global issues.  Today’s trade alone points towards the mere fact that any short-term weakness appears to be nothing more than an opportunity for institutional style buying.

As for our positioning, nothing has really changed from the last several written commentaries.  We have had several holdings in our equity portfolios that have been the beneficiaries of positive earnings throughout the first quarter.  We have complimented all of our portfolios with components that truly show their value in situations like the price action from this morning.  They will shine even brighter in the event of extended broad-based weakness.  It is hard to believe that we are a week away from entering March, signaling the close of the 1st quarter approaching fast.  We will conduct another rebalance at some point throughout at March to realign individual holdings against the protectionary measures built inside the portfolios. 

As always, we continue to monitor all equity, treasury, commodity and currency conditions in order to efficiently deploy capital as well as protect invested assets.

Click the link to listen to Scott and Tony discuss this week's market

Scott McCaghren

Tony LaPorta

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