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David Rosenberg: Look beneath the veneer of S&P 500 highs for the really valuable information

by David Rosenberg - Jul 12, 2021

My good friend and fishing pal, David Kotok, co-founder of Cumberland Advisors, had this to say in a Bloomberg News interview on Friday: “We’re a little more defensive. We would like to see the optimistic outcomes, but we think the risk profile of the world is changing.”

Kotok typically is a huge optimist, though never one to allow his emotions to dictate his investment thesis or positioning. That he said what he said carries much more weight because, as I said, he invariably conveys a positive message (and, let’s face it, optimists do tend to win out most of the time).

It’s not just the data. Look at what the action beneath the veneer of a record-high S&P 500 is telling you, which is always contained in “ratio” or “relative strength” indicators. That is where the really valuable information resides.

Continue reading at the Financial Post: https://financialpost.com/investing/david-rosenberg-look-beneath-the-veneer-of-sp-500-highs-for-the-really-valuable-information

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Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.