Summary \/ conclusion:<\/strong><\/em> The SP 500 is trading at 17x forward EPS for an SP 500 that is expected to grow EPS in 2022 between 9% – 10% as it stands currently. The tech sector’s expected EPS growth for full-year 2022 is still 8.9%, which was the exact same full-year 2022 expected growth rate for the sector as last week.<\/p>\nThe style-box analysis coming out tomorrow should show the continued strong “average, annual” returns for large-cap growth, which is one reason the big indices are struggling, mid-cap and small-cap aren’t exactly shooting the lights out.<\/p>\n
The one statistic that has stood out for me personally since early in 2022 was from a good technical analyst who told me that a 1\/3rd retracement of the SP 500’s path from the March ’20 lows to the early January ’22 all-time-high, would be a pullback to the 3,800 level on the SP 500. I suspect that represents a “fibonacci level” and what struck was the simple symmetry of the move.<\/p>\n
This week the SP 500 dipped below 4,000 so we we’re getting close. Is this level meaningful ? We’ll find out.<\/p>\n
More to come over the weekend.<\/p>\n
Remember, past performance is no guarantee of future results and none of this is a recommendation to buy, hold or sell anything. This blog is written as a way to force me to keep up with the earnings data and grind out the numbers.<\/p>\n
Nearly every single bond asset class and every single stock category is negative YTD. The dollar – as measured by the UUP – is up 9% though.<\/p>\n
Think about that.<\/p>\n
The title of today’s article might imply bullishness: just giving you the facts. Be sure and draw your own conclusions.<\/p>\n
Thanks for reading.<\/p>\n
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The true dichotomy in 2022’s stock market is that SP 500 forward estimates continue to be revised higher, while the…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[190,162,126,76,91],"tags":[],"class_list":["post-12885","post","type-post","status-publish","format-standard","hentry","category-10-year-treasury-yield","category-sp-500-earnings-yield","category-us-dollar","category-uup","category-weekly-earnings-update"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/12885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12885"}],"version-history":[{"count":10,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/12885\/revisions"}],"predecessor-version":[{"id":12898,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/12885\/revisions\/12898"}],"wp:attachment":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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