The “Heat Map”

Posted on January 21, 2014 by The Weekly Commentary

Most of the time the U.S. stock market
looks to 3 factors (call them the “pillars” that support the stock market) to
support its upward trend – let’s grade each of the pillars.

CONSUMER
SPENDING: I grade this factor a B- (slightly favorable). This was upgraded from the last Weekly
Commentary edition because of Holiday spending levels and the other factors
discussed under “The Economy” below.

THE
FED AND ITS POLICIES: I continue to grade this factor an A+ (extremely favorable) because the
FED cannot do much more than it is doing to support the stock market and asset
prices. 10 days ago, the FED finessed
the markets by carefully wording its press release announcing the taper of its
quantitative easing program – more good news!

BUSINESS
PROFITABILITY: I continue to grade this factor an A (very favorable). We are now in the early part of earnings
reporting season for the quarter ending 12/31/13. At this point, the results are mix – it is
too early to change the grade.

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