Investment Strategy Published by Raymond James & Associates
|
|
- Damon Smith
- 5 years ago
- Views:
Transcription
1 Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) , July 27, 2015 "Greed and Genius?!" In Parsons Pleasure, a short story by Roald Dahl, a greedy London antiques dealer dons a clerical collar, drives to the country, parks his car, and walks from cottage to cottage requesting old furniture, under the guise of collecting for the Society for the Preservation of Rare Furniture. His mission, of course, is to winkle the bumpkins out of treasures they don t know they have. He can scarcely believe his luck when he is promised a chest worth thousands of pounds. He buys it for a song, saying he wants the legs and dismissing the rest as firewood. He fetched his car and drives back to find that his benefactors have carefully removed the legs and chopped the chest into firewood.... Winkling the Bumpkins and Other Tales of Greed, Patricia O Toole, Lears, March Greed is always hard to measure. Certainly we have seen some signs of it in the Big Bio-Bubble and the new issue market. Putting the latter into perspective is Michael Milken, who was featured in an exclusive cover story interview in the March 16, 1992 issue of Forbes: The stock market is certainly voracious today for stock offerings. It s beginning to look like the 1960s again. Or 1983 or These times don t go on forever. Anyone who isn t selling equity today should have his head examined. The window is WIDE open. Window? It s the Grand Canyon. Many of his observations rang true back then and they ring true today as well. Milken goes on to note: I have often been told, You keep harking back to You were just a kid! I was 100 then. I m 200 now. The year 1974 taught me that leverage can decimate even the best company when its access to capital is cut off. It also taught me that most people have short memories. That s why most financial people have five-year careers; one market cycle. All those geniuses who bought stock in the mid-1960 s thought they had some divine touch then it all stopped. It hadn t occurred to them that they looked good because virtually everything was going up. In 1983 Drexel published a paper called The $55 Billion Misunderstanding. That s how much was lost by people following Nifty Fifty growth stocks. It was a trend, and trends end. Wow! Do I remember the 1974 period. From the bull market top on January 11, 1973 at all the way down to December 6, 1974 at 577. Ugly, and awful for almost two years with every rally a trap set up by the bears. Day after day the market went down. It seemed as if it would never end. As Jimmy Wheat Sr., of Wheat First Securities, would say, We are being pecked to death by pelicans! Listen to Peter Lynch in the January 20, 1992 Barron s Roundtable: LYNCH: Taco Bell went from $9 to $1 in They made money and they never had a down quarter. I mean, you get one of these big drops in these overpriced stocks, like you had in 87, in 74; you get one of these major corrections of these growth stocks and everything goes down. Or, listen to John Boland in a November 1990 issue of Warfield s Easy Money Column: Anyone who was active in the market through the collapse will remember that at the bottom, when the process were at once-in-a-lifetime lows, buying stocks held scant appeal. Reasons for shunning the bargains were abundant. The days when people made money in stocks were gone. The economy was in a bucket going to hell. If you bought stocks today, you would lose money because you had lost money every time you bought stocks in the last two years.... Back in 1974, (our friend) had a favorite stock, with about $15 (per share) in cash in the till, a book around $20. He started buying at $10 (and) bought it down to $6 and change. The shares sank to $3.75, but my friend was out of money. That s a bear market. The bulls aren t just morally beaten. They re broke.... The bleak mood has a tenuous bridge to reality. Perception, intensely felt, creates minor reality. A trader, brutalized for every optimistic thought he has, stops having them and drops out of the market. The absence of his International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida
2 bids causes prices to fall further. This feeds on itself only for a time, but while it does, anyone stuck in the stock market would be much happier sitting in T-Bills in Acapulco. The bear market that ended in December 1974 did such damage to investor psychology that it wasn t until the mid- 80s that stock ownership became chic again. And, a number of weeks ago the window was wide open again with a plethora of IPOs and new ETFs. Yet we were writing, at the time, the stock market s internal energy is TOTALLY used up on a short-term basis, leading us to believe a trading top was at hand. We wrote, Either the SPX will fail to make a new all-time high, or make a marginal new all-time high, before succumbing to a pullback. Clearly, the anticipated pullback is at hand, leaving current investor psychology just about as bleak as it gets, which is pretty amazing with the S&P 500 (SPX/ ) only 2.6% below its intraday all-time high! Still, as expected the level didn t hold, and neither did the level. In fact, in Friday s Fade the SPX decisively closed below its 50-day moving average (DMA) of , bringing into view its 200-DMA at With the NYSE McClellan Oscillator vastly oversold on a short-term basis (see chart 1 on page 3), it would not surprise to see a rally attempt off of the level. Quite frankly, however, I think that zone eventually gives way to a more formidable pullback to the level, and maybe as low as last December s lows of In response to one of our financial advisor s questions of how will you know when we bottom, I said, It s kind of like pornography, you will know it when you see it! I will say, however, the selling in the energy complex borders on capitulation, as do commodities in general! The call for this week: The NASDAQ has failed to sustain a breakout to new decisive all-time highs seven times recently. I don t know the precedent for that, but I will bet it is legion! Moreover, there were 33 buying climaxes on the SPX last week, the most since last March s short-term Trading Top; as well, the SPX also experienced the candle-stick chart pattern of a bearish engulfing pattern last week (see chart 2). Accordingly, we have been in correction mode for the past few weeks: and, we still feel that way even if we get an oversold throwback rally in the short run. Indeed, 10% corrections tend to occur about every 26 months, yet it has been 45 months since the last 10% correction. And, the three previously longest such periods led to 10% pullbacks. I don t know if that is the case here, but it sure was in China overnight as shares fell an eyepopping 8%! Of course that has our preopening S&P 500 futures off around 6 points as the sun rises over Vanderbilt University here in Nashville Tennessee. Firewood anyone?! International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida
3 Chart 1 McClellan Oscillator Source: Stockcharts.com Chart 2 S&P 500 Source: TC2000 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida
4 Important Investor Disclosures Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd., Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) ; in Latin America, Raymond James Latin America, Ruta 8, km 17, 500, Montevideo, Uruguay, ; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, , and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision. For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-u.s. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state. The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication. Additional information is available on request. International securities involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets. Small-cap stocks generally involve greater risks. Dividends are not guaranteed and will fluctuate. Past performance may not be indicative of future results. Investors should consider the investment objectives, risks, and charges and expenses of mutual funds and exchange-traded funds carefully before investing. The prospectus contains this and other information about mutual funds and exchange traded funds. The prospectus is available from your financial advisor and should be read carefully before investing. For clients in the United Kingdom: For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients. For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom. For clients in France: International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida
5 releasable resear ch Raymond James This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in Code Monétaire et Financier and Règlement Général de l Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For clients of Raymond James Euro Equities: Raymond James Euro Equities is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers. For institutional clients in the European Economic Area (EEA) outside of the United Kingdom: This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted. For Canadian clients: This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements. Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows: This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement. No copyright claimed in incorporated U.S. government works. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida
Technical Analysis Published by Raymond James & Associates
Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy, (901) 579-4346, Michael.Gibbs@RaymondJames.com David Hydrick, (901) 579-4812, David.Hydrick@RaymondJames.com
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com January 8, 2018 : The Curve Much has been written recently about the
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 14, 2015 "It's Someone Else's Money"... The analogy between
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com October 29, 2018 "The Perfect Storm" Linda Greenlaw, warning Billy over
More informationTechnical Analysis Published by Raymond James & Associates
Published by Raymond James & Associates P. Arthur Huprich, CMT, (727) 567-2494, Art.Huprich@RaymondJames.com March 8, 2013 Weekly - Bullish on Dividend Growing Companies Friday Morning 03/08...principle
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com December 18, 2017 : A History Lesson The bull market needs a pediatrician,
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com December 7, 2016:Revised Charts of the Week : "Charts of the Week" We are coming to the end of yet
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com April 2, 2018 "Down the Rabbit Hole" When I use a word, Humpty Dumpty said in a rather
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 7, 2017 Investment Strategy U.S. Markets Close Net 1 Day %
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 10, 2018 "Being Wrong" The brilliant Peter Bernstein (author,
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com May 26, 2015 "Easy?!" The clichés of daily life are those of routine, discouragement,
More informationPortfolio Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy, (901) 579-4346, Michael.Gibbs@RaymondJames.com Joey Madere, (901) 529-5331, Joey.Madere@RaymondJames.com
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com April 23, 2015 Investment Strategy U.S. Markets Close Net 1 Day % YTD
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com November 12, 2018 "Character" The true prophet is not he who predicts the future, but
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com October 12, 2015 "Squiggly Line Cartoons" In last Thursday s Morning Tack, Jeff Saut referenced
More informationU.S. Equities: Off To A Terrible Start In 2016
Portfolio Strategy Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy Group, (901) 5794346, Michael.Gibbs@RaymondJames.com Joey Madere, (901) 5295331,
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com October 2, 2015 Investment Strategy U.S. Markets Close Net 1 Day % YTD
More informationU.S. Research Published by Raymond James & Associates
Cerner Corporation (CERN-NASDAQ) Nicholas Jansen, (727) 567-2446, Nicholas.Jansen@RaymondJames.com Andrew Cooper, Res. Assoc., (727) 567-2295, Andrew.Cooper@RaymondJames.com Healthcare Information Technology
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com October 25, 2016 Investment Strategy U.S. Markets Close Net 1 Day % YTD
More informationU.S. Research Published by Raymond James & Associates
Cerner Corporation (CERN-NASDAQ) Nicholas Jansen, (727) 567-2446, Nicholas.Jansen@RaymondJames.com Andrew Cooper, Res. Assoc., (727) 567-2295, Andrew.Cooper@RaymondJames.com Healthcare Information Technology
More informationMorning Tack Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com February 22, 2018 Investment Strategy U.S. Markets Close Net 1 Day % YTD % Dow Jones
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com February 13, 2018 Investment Strategy U.S. Markets Close Net 1 Day %
More informationCanada Research Published by Raymond James Ltd. Fission Uranium Corp. Second Batch of Angled Holes Confirm Main Trend Widens to East.
FCU-TSXV David Sadowski 604.659.8255 david.sadowski@raymondjames.ca Milton-Andres Bernal MFRM (Associate) 604.659.8028 milton.bernal@raymondjames.ca Mining Uranium Second Batch of Angled Holes Confirm
More informationU.S. Research Published by Raymond James & Associates
Cepheid (CPHD-NASDAQ) Nicholas Jansen, (727) 567-2446, Nicholas.Jansen@RaymondJames.com Andrew Cooper, Res. Assoc., (727) 567-2295, Andrew.Cooper@RaymondJames.com Diagnostics Officially Plans to Develop
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com February 27, 2018 Investment Strategy U.S. Markets Close Net 1 Day %
More informationU.S. Research Published by Raymond James & Associates
Intel Corporation (INTC-NASDAQ) Hans Mosesmann, (212) 856-5404, Hans.Mosesmann@RaymondJames.com Melissa Fairbanks, Sr. Res. Assoc., (727) 567-1081, Melissa.Fairbanks@RaymondJames.com Semiconductors High
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com July 25, 2017 Investment Strategy U.S. Markets Close Net 1 Day % YTD
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com January 29, 2018:Revised "You've Got Mail" You ve Got Mail is a 1998 romantic comedy-drama
More informationU.S. Research Published by Raymond James & Associates
SBA Communications (SBAC-NASDAQ) Ric Prentiss, (727) 567-2567, Ric.Prentiss@RaymondJames.com Alan Salinas, Sr. Res. Assoc., (727) 567-2572, Alan.Salinas@RaymondJames.com Telecommunications Services: Towers
More informationPortfolio Strategy Published by Raymond James & Associates
Portfolio Strategy Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy, (91) 579-4346, Michael.Gibbs@RaymondJames.com Joey Madere, (91) 529-5331, Joey.Madere@RaymondJames.com
More informationU.S. Research Published by Raymond James & Associates
Verizon Communications (VZ-NYSE) Frank G. Louthan IV, (404) 442-5867, Frank.Louthan@RaymondJames.com Alexander Sklar, CPA, Sr. Res. Assoc., (404) 442-5804, Alex.Sklar@RaymondJames.com Telecommunications
More informationU.S. Research Published by Raymond James & Associates
Assurant, Inc. (AIZ-NYSE) Steven D. Schwartz, CFA, (312) 612-7686, Steven.Schwartz@RaymondJames.com Carl-Harry Doirin, Res. Assoc., (312) 612-7719, Carl.Doirin@RaymondJames.com Life and Health Insurance
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com July 5, 2016: Revised Random Gleanings Over a Holiday Weekend After an Unusual Week
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CFA, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com November 29, 2017 Charts of the Week : "Charts of the Week" There are just four kinds of bets.
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com March 5, 2018 "Smoot-Hawley?" Smoot-Hawley Tariff was an act implementing protectionist
More informationPortfolio Strategy Published by Raymond James & Associates
Portfolio Strategy Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical, (901) 579-4346, Michael.Gibbs@RaymondJames.com Joey Madere, (901) 529-5331, Joey.Madere@RaymondJames.com
More informationPortfolio Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy, (901) 579-4346, Michael.Gibbs@RaymondJames.com Joey Madere, (901) 529-5331, Joey.Madere@RaymondJames.com
More informationTechnical Analysis Published by Raymond James & Associates
Published by Raymond James & Associates P. Arthur Huprich, CMT, (727) 567-2494, Art.Huprich@RaymondJames.com and The Technical Strategy Team January 4, 2013 Weekly - Uptrend Continues Despite Overhanging
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CFA, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com July 18, 2018 Charts of the Week : "Charts of the Week" Predicting the future is hard. We have
More informationU.S. Research Published by Raymond James & Associates
DISH Network Corp. (DISH-NASDAQ) Ric Prentiss, (727) 567-2567, Ric.Prentiss@RaymondJames.com Alan Salinas, Res. Assoc., (727) 567-2572, Alan.Salinas@RaymondJames.com Telecommunications Services: Wireless
More informationPortfolio Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy, (901) 579-4346, Michael.Gibbs@RaymondJames.com Joey Madere, CFA, (901) 529-5331, Joey.Madere@RaymondJames.com
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com April 21, 2014 "Poker Mentality?!" I learned how to play poker at a very young age.
More informationMorning Tack Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com November 27, 2018 Investment Strategy U.S. Markets Close Net 1 Day % YTD % Dow Jones
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com March 24, 2014 "Picture This" Picture this: you re an investor starting out in the
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com June 11, 2018 "I'll Go Along With the Rest of the Boys!" You might think
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com January 5, 2018 Investment Strategy U.S. Markets Close Net 1 Day % YTD
More informationU.S. Research Published by Raymond James & Associates
Verizon Communications (VZ-NYSE) Frank G. Louthan IV, (404) 442-5867, Frank.Louthan@RaymondJames.com Alexander Sklar, CPA, Sr. Res. Assoc., (404) 442-5804, Alex.Sklar@RaymondJames.com Telecommunications
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com December 22, 2014 "The Bulb Lights Up!" The mechanics of covering Wall Street change
More informationSecular Bull Markets Don t Die of Old Age
Stephanie Harris, CFP, CDFA 1 Secular Bull Markets Don t Die of Old Age Investment Strategy: Secular Bull Markets March 12, 2018 By Jeffrey D. Saut, Chief Investment Stratgist at Raymond James The Tax
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com March 16, 2015 "Manic Depression" Manic depression is touching my soul. I know what
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com July 20, 2015 Release the Condor! A long time ago in a galaxy far, far away, there
More informationMorning Tack Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com November 17, 2017 Investment Strategy U.S. Markets Close Net 1 Day % YTD % Dow Jones
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com July 1, 2013 "T-i-m-b-e-r-r-r!" Sure Babe Ruth was good, but could he play hoops?...
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com March 17, 2014 "A Kid's Market?" My solution to the current market, the Great Winfield
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com August 25, 2014 "Being Right or Making Money" Apparently, Barry Bannister has raised
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com November 6, 2017 "Sittin' on the Dock of the Bay" I'm sittin' on the dock of the bay
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CFA, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com August 29, 2017 Investment Strategy U.S. Markets Close Net 1 Day % YTD % Dow Jones 21808.40-5.27-0.02%
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 17, 2012 "The Philosophy of Tops" Everyone kept saying a top is not in place yet. They persistently
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com June 8, 2015 "Me, Lord Marlboro, and the Dow?!" Reminding us of the current market
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CFA, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com August 22, 2018 Charts of the Week : "Charts of the Week" Depending who you ask, today is either
More informationMorning Tack: "Surprise"
PUBLISHED BY RAYMOND JAMES & ASSOCIATES Jeffrey D. Saut, Chief Investment Strategist (727) 567-2644 jeffrey.saut@raymondjames.com December 7 2018 8:00 AM EST Morning Tack: "Surprise" Futures are sharply
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com June 17, 2013 The Game of Risk To be sure, there is no exact definition of what calling
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Andrew Adams, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com January 23, 2017 "Saving Retirement" We have often written that when everyone is asking the same question, it
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com January 19, 2016 Assassins, Hunters, and Rabbits... oh my It was a few weeks ago that
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com October 10, 2016 Darvas Discipline I knew that I had to adopt a cold, unemotional attitude
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CFA, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com December 5, 2017 Investment Strategy U.S. Markets Close Net 1 Day % YTD % Dow Jones 24290.05
More informationPortfolio Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Michael Gibbs, Director of Equity Portfolio & Technical Strategy, (901) 579-4346, Michael.Gibbs@RaymondJames.com Joey Madere, (901) 529-5331, Joey.Madere@RaymondJames.com
More informationWeekly Economic Monitor -- Downbeat and Fed Up
PUBLISHED BY RAYMOND JAMES & ASSOCIATES Scott J Brown, PhD (727) 567-2603 scottjbrown@raymondjamescom MARCH 22, 2019 4:17 PM EDT Weekly Economic Monitor -- Downbeat and Fed Up As expected, the Federal
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 2, 2014 "Homesick" Because interest rates, credit growth and prices are mutually
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com May 17, 2017 Charts of the Week : "Charts of the Week" I spend a good portion of my time responding
More informationMorning Tack Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CFA, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com February 8, 2018 Investment Strategy U.S. Markets Close Net 1 Day % YTD % Dow Jones 24893.35-19.42-0.08%
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Andrew Adams, CMT, (727) 567-4807, Andrew.Adams@RaymondJames.com May 24, 2017 Charts of the Week : "Charts of the Week" Thanks to some meetings and a two-hour, traffic
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com April 28, 2014 "Throw Deep?!" Back in the late 1980s a newspaperman visiting
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com April 10, 2017 : Shad Rowe I spoke with uber investor Frederick Shad
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com February 25, 2013 "A Permanent Investment" In Barnard Baruch, Park Bench
More informationU.S. Research Published by Raymond James & Associates
Mohawk Industries (MHK-NYSE) Sam Darkatsh, (727) 567-2537, Sam.Darkatsh@RaymondJames.com Budd Bugatch, CFA, (727) 567-2527, Budd.Bugatch@RaymondJames.com Joshua Wilson, CFA, Sr. Res. Assoc., (727) 567-2647,
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com May 5, 2014 "You Gotta Have Heart" After the workshop, another student took us out
More informationCanada Research Published by Raymond James Ltd. Allana Potash Corporation April 1, Outperform 2 C$0.80 target price
Canada Research Published by Raymond James Ltd. April 1, 2014 AAA-TSX Steve Hansen CMA, CFA 604.659.8208 steve.hansen@raymondjames.ca Daniel Chew CA (Associate) 604.659.8238 daniel.chew@raymondjames.ca
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com January 7, 2013 "White Noise?" Investing in the financial markets necessarily involves
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com November 30, 2015 "Richard Russell" A couple of weeks ago I wrote a strategy
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com November 25, 2013 "Sir Isaac Newton" "I can calculate the movement of the stars, but
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com March 11, 2013 "The Ambergris Factor!" In the American whaling industry,
More informationGo Opposite to Hysteria
Go Opposite to Hysteria September 22, 2015 by Jeffrey Saut of Raymond James... Look for hysteria to see if you shouldn t go the opposite way, but don t go the opposite way until you have fully examined
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com March 18, 2013 "Gambler's Fallacy" Consider the gambler s fallacy. It
More informationU.S. Research Published by Raymond James & Associates
Solazyme, Inc. (SZYM:NASDAQ) Pavel Molchanov, (713) 278-5270, Pavel.Molchanov@RaymondJames.com Stacey Hudson, Res. Assoc., (713) 278-5258, Stacey.Hudson@RaymondJames.com Alternative Energy: Alternative
More informationDown the Rabbit Hole
Down the Rabbit Hole April 3, 2018 by Jeffrey Saut of Raymond James When I use a word, Humpty Dumpty said in a rather scornful tone, It means just what I chose it to mean neither more or less. The question
More informationU.S. Research Published by Raymond James & Associates
Vertex Pharmaceuticals Inc. (VRTX-NASDAQ) Christopher Raymond, (312) 655-2672, Chris.Raymond@RaymondJames.com Laura Chico, Ph.D., Sr. Res. Assoc., (312) 655-2701, Laura.Chico@RaymondJames.com Allison Bratzel,
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 4, 2018 : "The Endless Summer" The Endless Summer (1966) is the crown jewel
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com May 21, 2018 Just One Thing We have always liked the movie City Slickers and particularly
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com December 3, 2012 "Paintballs?!" While Hollywood has focused on huge amounts
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com August 18, 2014 "Lucid Dreaming!" Experts in the phenomenon known as
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, (727) 567-2644, Jeffrey.Saut@RaymondJames.com July 16, 2012 "Cognitive Dissonance" Cognitive dissonance is the discomfort caused by holding conflicting cognitions
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com February 8, 2016 "Episodic Volatility" The year ahead will be one of
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com July 28, 2014 "Trains and Boats and Planes?" Trains and boats and planes
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, (727) 567-2644, Jeffrey.Saut@RaymondJames.com August 22, 2011 "Pounded" I have been pounded with questions about the Dow Theory sell signal I spoke of; and, that
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com April 9, 2018 The China Syndrome The China Syndrome is a 1979 disaster
More information[This Space Intentionally Left Blank]
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com Scott J. Brown, Ph.D., (727) 567-2603, Scott.J.Brown@RaymondJames.com
More informationInvestment Strategy Published by Raymond James & Associates
Published by & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com January 22, 2013 "It's What You Learn After You Know It All That Counts." Earl Weaver,
More informationInvestment Strategy Published by Raymond James & Associates
Published by Raymond James & Associates Jeffrey D. Saut, Chief Investment Strategist, (727) 567-2644, Jeffrey.Saut@RaymondJames.com September 6, 2016 "Water World" Dry land is not just our destination,
More informationU.S. Research Published by Raymond James & Associates
Cerner Corporation (CERN-NASDAQ) Nicholas Jansen, (727) 567-2446, Nicholas.Jansen@RaymondJames.com Andrew Cooper, Res. Assoc., (727) 567-2295, Andrew.Cooper@RaymondJames.com Healthcare Information Technology
More information