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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