Jeff Saut Predicts Pullback Within Secular Bull Market

It's been quite a while since we checked in on market strategist Jeff Saut's latest commentary, so we figured it's time to see what he's thinking.  This week, Saut's investment strategy piece is entitled, "Making a Market Call." In it, he predicts that the market will see the "first decent pullback of the year" in mid-July or early August.

He arrives at this prediction based on various readings and he's advising raising cash levels, comparing it to the summer of 2011 when the market dipped 18%.  But taking a step back to the bigger picture, he also believes we're still in the midst of a secular bull market that has years left to run.

Embedded below is Jeff Saut's latest investment strategy piece:



You can download a .pdf copy here.

What We're Reading ~ Hedge Fund Links 6/27/14

Hedge funds are now a $3 trillion industry [Barrons]

Inside the mind of Fairholme's Bruce Berkowitz [Institutional Investor]

How to craft the world's worst pitchbook [HF Intelligence]

Cybersecurity firm says large hedge fund attacked [CNBC]

Omega Advisors' Einhorn says bull market not over [Reuters]

Paulson & Co amasses large stake in Allergan [Reuters]

Relational said to plan activist campaign against Manitowoc [Dealbook]

Jeff Ubben has new target: his hedge fund peers [WSJ]

Former ESL pros open activist operation [HF Alert]

Hedge fund investors are fussy about fees [Funds Europe]

Hedge funds face higher prime broker charges under Basel III [Risk.net]

Saba, Brevan Howard struggle as volatility disappears [BusinessWeek]

Investors adopting partnership-driven approach to hedge funds [COO Connect]

HF analyst: the things I know for sure [Wall Street Oasis]

Market Strategist Jeff Saut: September Historically the Worst Month For Markets

It's been a while since we checked in with market strategist Jeff Saut, so below is his latest weekly commentary entitled, "Money and Savings?"  In it, he talks about the difficulty in timing the market and how he's tried to manage risk the past few months while expecting a decline.

While things haven't quite played out as he's thought recently, he still pulls some interesting data out:

"September is truly the worst month historically.  Indeed, September has seen the worst average returns for the D-J Industrials over the past 50 and 100 years."

Embedded below is Saut's latest commentary:




You can download a .pdf copy here.

We've previously posted how Saut has raised cash in anticipation of a decline in stocks.

Market Strategist Jeff Saut: Raising Cash In Anticipation of Decline in Stocks

Market strategist Jeff Saut is out with his latest investment strategy for the week entitled "The One Chip Rule."  In it, he compares the markets to playing poker, a comparison numerous others have drawn as there are various similarities.

Saut opines,

"In the stock market’s case, while the human natures of fear, hope, and greed still play a large role, I tended  to substitute card players with the personalities of stocks, the market makers, the Fed, Washington, and politicians. Using  such strategies I found that if you do your homework, and manage the risk, the odds of success in the markets are much  better than a card game. When you lose in the markets at least you get most of your money back and the government shares  in a portion of your losses via the capital gains/capital losses tax system. In a card game it tends to be basically all or nothing  with each hand."

The '1 chip rule' basically says that for every 10 chips you accumulate, you pocket 1 to pay yourself.  In investing, the corollary is to take some profits as your investments run up higher.

Saut uses this analogy because he's been raising some cash recently in anticipation of a decline in stock prices.  While he admits this strategy has been wrong in the near-term, he points to various indicators and seasonality that has caused him to be more cautious.

Embedded below is Jeff Saut's weekly market commentary:




You can download the .pdf here.

For more of the indicators that have led to Saut's cautious approach, head to his commentary from last month.

Strategist Jeff Saut Cautious, Says To Raise Cash Levels

Market strategist Jeff Saut is out with his latest commentary entitled "Rosebud" where he outlines his slightly cautious approach to the markets this month, expecting a pullback while citing impending Bernanke testimony and rhetoric about sequestration slowing the economy.

Saut also poignantly points out that,

"Reinforcing my cautionary view is a stock market axiom I learned from an old Wall Street wag in the 1970s that states, “When  they start running the ‘dogs,’ it’s time to begin looking over your shoulder.”"

He then goes on to cite that the 50 smallest stocks in the S&P 500 jumped almost 22% in the first half of the year while the 50 largest only gained 13.3%.

Saut's recommendation for the near-term is to raise cash levels.

Embedded below is Jeff Saut's weekly commentary, "Rosebud":




You can download a .pdf copy here.

If you missed his commentary last week, Saut sees a decline followed by a higher market by year-end.

Strategist Jeff Saut Sees Decline This Month But Higher Market By Year-End

This week market strategist Jeff Saut has penned his latest commentary on how many investors are "wired backwards" and love to buy when the market has headed higher and often dump stocks when the market has declined and offered compelling entry points.

Saut writes,

"The reality is that when you have a 'fell good' environment, the game is usually in the late innings.  As often stated, 'the equity markets do not care about the absolutes of good or bad, but rather are things getting better or worse.  An, things are definitely getting better.  However, in my speaking tour last week most investors don't believe it.  Nor do they believe the stock market has been rising because things are getting better.  Indeed, many of the folks I talked to believe the only thing buoying the stock market has been the Federal Reserve."

Saut actually thinks that the market could see its first meaningful decline of the year this month.  At the same time, he feels the S&P 500 will pass the high from late May by year-end.

Embedded below is Saut's weekly commentary:




You can download a .pdf copy here.


For more from this strategist, head to Saut on characteristics of market breakouts from big bases as well as Saut on the odds of a new secular bull market.

Larry Robbins Rare Interview on HMA, Tenet & What He Thinks About This Market

Larry Robbins' hedge fund Glenview Capital is having another big year.  This is on the heels of stellar 2012 performance as well.  Robbins made a rare media appearance on CNBC to talk about how he's looking to replace 8 board members at Health Management Associates (HMA).


Robbins on HMA

Given that Robbins has essentially gone activist here (he calls it "suggestivist"), it should come as no surprise that he's made such an appearance to drum up shareholder support for his plan.  After all, Glenview owns around 14% of the company.

While Robbins acknowledges that consolidation is a potential outcome for HMA, he notes that the company needs to line-up a better management team and become an excellent standalone company regardless.  He says,

"The companies that did well not only for our long-term portfolio, but for the long-term portfolio of all their owners, are the companies that not only took advantage of that consolidation transaction but drove their company forward with strong operations and strong use of cash flow in an opportunistic format.  The hospitals are no different, yes there were 7 large public hospital chains with yesterday's news that Tenet will buy Vanguard there are now 6, and there are absolutely key benefits not only strategic, but financial to consolidation between one or more large hospital operators.  We are absolutely open minded that that is one way to drive value, but that is not exclusive of the other way to drive value which is a very strong management team and a very strong path to independence, regardless if we (as HMA) become a division of a larger company or whether HMA goes forth on its own right."


Robbins on THC & the Stock Market Overall

In the interview, Robbins also touched on one of his other large hospital plays, Tenet Healthcare (THC).  He likes their deal for Vanguard and notes the company has made prudent decisions.

THC has been a big winner for Glenview over the past year but we highlighted how Glenview's trimmed their THC position recently.

The hedge fund manager also addressed his view on the market overall: "We are not taking risk-off, we believe this is still a very above average opportunity set for long-term investors and frankly as an industry, we all need to remind ourselves to think and act like owners."

Embedded below is the video of Robbins' CNBC appearance:




For more on this hedge fund, be sure to check out Glenview's presentation on HMA that was released today.

Market Strategist Jeff Saut on the Odds of a New Secular Bull Market

Market strategist Jeff Saut is out with his weekly commentary and in it he features some prudent commentary on being 'early' in investing and how the crowd tends to move long after the optimum time.  Saut also talked about the odds of a new secular bull market taking place:


"Last December I pegged the odds of a new secular bull market at 20%-25%.  I have increased those odds over the past six months to where I now believe those odds are at 45%-50%, yet few investors believe it.  To be sure, most participants think there has to be a 'feel good' environment for a secular bull market to exist.  The reality is that when that 'feel good' environment occurs, you are typically in the late innings of a secular bull market.  Ladies and gentlemen, the equity markets do not care about the absolutes of good and bad, but rather if things are getting better or worse; and, things are definitely getting better!"


His point about 'few investors believing it' is certainly worth considering.  Longtime readers may recall our investor psychology illustrated post that shows how bull markets are often born with dire sentiment, rally with disbelief, and then peak with euphoria. 

If Saut is correct, then one could potentially compare the 2013 market to the 'skeptic' portion of a rally.  After all, many investors have spent 2013 wondering when the major pullback will come.

Regardless, Saut's full commentary this week is worth reading and it is embedded below:




You can download a .pdf here.

For more from this strategist, head to Jeff Saut on the market buying stampede as well as his thoughts on investor sentiment.

Strategist Jeff Saut on the Stock Market Buying Stampede

Checking in with market strategist Jeff Saut we see that his latest weekly market commentary is entitled 'Buying Stampede' due to all the questions he's received lately about the market.

Saut writes, "I continue to believe the SPX is going to trade north of 1700 into the end of 2Q13 before becoming vulnerable to a more significant decline beginning in the July/August timeframe.  Obviously I have never seen a buying stampede like this one, which has lifted the senior index above a basing formation in the charts that was 13 years in the making."

He then notes that there have been four previous 'bases' that have launched secular bull markets that have lasted 12 years or longer (1906-1924, 1929-1955, 1966-1982, and then 2000-2013).

Saut cites a slidedeck of this data that says "The characteristics of the market when it breaks out of a base that exceeds 12 years in length is different. Investor behavior reflects an underlying distrust or disinterest and is characterized by underinvestment in equities.  This results in a rebound that is relentless, providing little opportunity to buy on pullbacks."  Sound familiar?


Embedded below are Saut's full analysis and comments:



You can download a .pdf copy here.


For more thoughts from this strategist, head to Jeff Saut on investor sentiment and you can also see his best stock ideas for the next 3-5 years that he outlined early this year.

David Tepper Still Bullish on Markets, Long Japan: Today's Interview

David Tepper appeared on Squawk Box this morning on CNBC.  The once elusive Appaloosa Management hedge fund founder has now become somewhat of a sporadically recurring guest, each time popping in update his degree of bullishness.


Reasons For Tepper's Bullishness

He originally came on air in September 2010 and inspired the 'Tepper rally' in markets.  The market is up almost 45% since Tepper's original bullish call and he said "sure, I'm definitely still bullish."  He cited improvements in housing and autos as great reasons to be bullish in the US and also pointed to central banks around the globe that are easing.  We highlighted Tepper's recent media appearance in January when he said to be long equities.

While many in the market are worried about the Federal Reserve tapering, Tepper shows how the deficit should be shrinking in the next six months and notes how there's $400 billion that can either go into the economy or stocks.  "If we don't taper back, we're going to get into this hyperdrive market."

He went on to say, "There better be a true taper or else you might be back into the last half of 1999.  So like guys that are short, they better have a shovel to get themselves out of the grave."

As far as potential risks go, Tepper says you always have to consider potential problems arising in the Middle East that could cause a 5% correction or so, but he doesn't see that coming and he also points that North Korea has settled down a little bit. 

In the end though, Tepper summarizes his thoughts by saying it feels like we're in an early stage economy.


Tepper on the Equity Risk Premium

Tepper highlights how "we're at one of the highs in equity risk premium in history" and that "when the equity risk premium is high, historically you get good returns after that.  A chart he pulled up shows that the highest levels were in 1975, 1982 and now.

He also cited how there's a low 13-handle for the S&P on next year's earnings. 

When asked where specifically he's bullish "I think every place is the place to be in the stock markets of the world.  I think you've taken out the tail risk, the disaster case.  That doesn't mean you won't potentially have riots in Europe."


Appaloosa Long Japan

Appaloosa is long Japan and has been long pretty much since the beginning of this year, Tepper said.  They commented on how Dan Loeb of Third Point has approached Sony (SNE) about restructuring as well.  Tepper noted that, "even though that market's moved a lot, you can still have a lot left in there."


Other Appaloosa Positioning

Tepper said, "It's one of those times where the indexes really are cheap ... My biggest position is Citi (C), you'll see it when my 13F comes out, it's still my biggest position.  We don't own commodities, however if we still see a strong economy, as world growth picks up, commodities will pick up in 2014.  General manufacturing is good, tech is cheap, but you have to be careful because of obsolescence" (so you have to look at individual names there).

He also said they still own Apple (AAPL), though they cut their stake a little bit at the beginning of the year around $500 or so.  They bought just a little bit below $400, and he looks at it as part of his tech basket.  Tepper feels the company either needs to come out with innovative new products, or transition to an evolutionary company where they make cheaper phones, bigger screens, and promote the ecosystem and grow that way.  He says the problem is they haven't done either lately.


Embedded below is the video of David Tepper's interview:

Video 1


Video 2


Tepper was listed as the highest paid hedge fund manager of 2012.

Battle of Bulls & Bears: Key Stock Market Levels

Adam over at MarketClub recently took a look at the S&P 500 from a technical analysis perspective and has concluded that we'll continue to see choppy market action for a while. In his latest market analysis, he points out a series of lower highs, typically a sign that favors the bears. Basically, he argues that the key level to watch in the market is S&P 1,100. If the market rallies above that level, it has a strong chance of resuming the longer term uptrend we've seen over the past year or so. However, if the market continues to stall at 1,100 (as it has previously), then the bears are in control. This level becomes even more interesting when you consider it's currently right around where the market is trading and this could be a potentially pivotal point.

Additionally, he points out 1,040 as a second key level to watch in the S&P 500. This level could potentially be a double bottom as the market tested that level in late May and then again in early June. He notes that we'll get confirmation of this double-bottom (a bullish pattern) if the market rallies above that 1,100 level. So, all said and done, 1,100 is the key level to watch on the upside as it seems to hold all the technical keys. Overall though, Adam concludes that it will continue to be rough waters throughout the summer, typically a time of lighter volume as many traders/investors are on vacation. Click below to watch the latest analysis of the S&P 500:

Seth Klarman: Worried About Inflation & the Markets

"I'm more worried about the world broadly than I've ever been in my whole career." ~ Seth Klarman

Those haunting words were uttered yesterday at the CFA Institute's annual conference in Boston according to Reuters' coverage. Are you concerned yet? You probably should be. When the investment manager from Baupost Group speaks, you listen. After all, Baupost Group has averaged 20% annual gains. Klarman went on to say, "Given the recent run-up, I'd be worried that we'll have another 10 years of zero returns." That should inspire some confidence, right?

Reuters had two intriguing articles regarding Klarman's recent remarks here and here. Essentially, Klarman is quite concerned about inflation and has purchased far out of the money puts on bonds. These aren't the type of puts that he'll make money on if interest rates go to 5% either. Nope. Klarman is betting on extreme inflation that would require interest rates of 10% for him to make money on the play... that's how far 'out of the money' he is.

While we can't confirm this, it sounds an awful lot like Julian Robertson's constant maturity swap (CMS) trade he put on a while back (see also our explanation of curve steepener trades). Very loosely speaking, these are somewhat like buying far out of the money puts on long term treasuries. They're likely to expire worthless, but if the scenario does play out, these trades can pay out over 50x. While we can't confirm the exact vehicle he's selected for this play, Klarman is merely seeking insurance should this drastic event occur as he wants to hedge out the potential risk.

In terms of current investment pursuits, the Baupost Group manager is looking at private commercial real estate. He doesn't like publicly traded REITs here because they've rallied too much. This is largely in line from what we've seen out of hedge fund land as many hedgies have been short commercial real estate plays to no avail as everyone seems to think they are overpriced and destined for a correction.

Just a few days ago we detailed the latest portfolio update on Baupost Group and saw that Klarman added a couple of new equity positions. However, the main thing to take away from that update confirms what Klarman recently stated at the conference: Baupost is sitting on a ton of cash. The assets on their 13F filing (mainly US equities) only totaled around $1.7 billion and the firm manages $22 billion. While we know Klarman has also invested in distressed assets, do the math there. Apparently Baupost is sitting on over $6 billion in cash (30% of assets) and don't see many opportunities to put that money to work.

Klarman is notorious for always keeping cash on the sidelines should he find opportunities. However, now is clearly not one of those times as he has debated returning some of the money to investors. A compelling investment landscape from over a year ago is clearly no more. The opportunities seem fewer and farther between and it's very apparent Klarman is concerned given the drastic run-up in equities. Many managers feel we're not out of the proverbial woods yet so now would probably be as good a time as ever to review Seth Klarman's lessons from the financial crisis. While Seth Klarman doesn't speak in public very often, those interested in hearing him will have the opportunity at the upcoming Ira Sohn investment conference.

For our recent coverage of Baupost Group's portfolio, check out their new positions in ADC Telecommunications and Solar Capital. We'll leave you with some closing remarks from Klarman: "We'd rather underperform a huge bull market than get clobbered in a bear market." A true investment manager indeed.


Source: Reuters

Key Technical Levels to Watch in the Markets

Adam over at MarketClub is out with his latest technical analysis video on the stock market. In it, he takes a look at the extended market as this rally just continues to march on and take no prisoners. He immediately points out that the Dow Jones is trading around 11,144 and that the 61.8% fibonacci retracement is just up ahead at 11,241 and could potentially be a source of resistance for the market.

Looking at the S&P 500, the fibonacci retracement situation is nearly identical as the market is trading around 1,211 and the retracement sits just ahead at 1,226. Adam points out that this will be a very key area to watch. By no means is he recommending you short this market just yet as that's essentially a deathwish. Everyone that has tried that thus far has burned. However, it's always helpful to be cognizant of key levels to watch in the markets. Click the chart below to watch the video:



Those above fibonacci levels are something to keep an eye on and you should really only consider putting out shorts once the market starts showing signs of weakness first. In the mean time, it never hurts to lock in some profits, trim some positions, and raise cash levels. While hedge funds will almost always have short positions on, you have to remember that they've been burned by the majority of those positions as of late. This technical analysis is obviously more from a market timing perspective and you can view MarketClub's latest video analysis here.

Key Technical Levels in the Markets

Adam over at MarketClub has put out a quick video on technical levels in the markets. Basically, he points out that there's no denying we're still in an uptrend. But at the same time, it never hurts to have an exit strategy and back-up plan in place should the markets turn sour. After all, stop-losses are one of the most useful tools in financial markets. Here's the video:



He highlights key levels in the major markets and draws the line in the sand as follows:

Dow: 9,835
S&P 500: 1,044
Nasdaq: 2,100

So, all you have to do is keep an eye out for those levels which mark the most recent lows in the market. It's not rocket science, it's simply monitoring the trend. Until those levels are taken out to the downside, the trend remains up.

Hedge Funds Sell the S&P 500 & Commodities (Trend Monitor Report)

Bank of America Merrill Lynch has released the latest iteration of their hedge fund trend report and we gain some more insight as to which direction hedge funds are moving with their portfolios as of late. We continue our theme of 'wisdom Wednesday' here at Market Folly where we've been posting up insightful letters, research and resources from various sources. We've already posted up Bill Gates' 2010 annual letter, as well as Bill Gross' February investment outlook out of PIMCO. Next, let's get back to our main focus: hedge funds.

In their hedge fund monitor report, BofA analyzes the week-by-week movements of hedge funds as a whole, and here's what they're seeing. In equities, hedge funds were very long the Nasdaq (NDX) and have been selling the S&P 500 (SPX). In commodities, they were very long gold and crude oil (but reducing their position sizes), while still being very short natural gas. They also continue to buy copper. In currencies, they were long the US dollar and short the Euro. This is very much in line with what we saw last time we looked at hedge fund positions & exposure.

In terms of treasuries, hedge funds were long the 2 year treasury and short both the 10 year and 30 year treasuries. Specifically, they have reduced their short exposure in the 10 year and have increased their short exposure in the 30 year. They also slightly decreased their long in the 2 year. Overall, this trade is still in line with the curve steepeners we've been talking about for months now. Hedge funds (and even hedge fund legends) have been betting on higher interest rates and inflation. Just yesterday, we posted up about how Howard Marks of Oaktree Capital had outlined plays for inflation. Here's a few more examples: One of the original hedgies Michael Steinhardt himself has called treasuries foolish. Legendary investor and ex-Quantum fund manager Jim Rogers shares this sentiment and dislikes treasuries. Hedge fund legend Julian Robertson is betting on higher interest rates and is doing so via constant maturity swaps (CMS).

Turning now to hedge fund exposure levels, we see that long/short equity funds have "continued to pare their market exposure to ~30-32% net long last week, dipping further below the historical average range (35-40%). At the same time, Market Neutral funds' equity exposure continued to rise after spiking up sharply last week to the highest levels since June. Macro HF's modestly net long US equity exposure remained largely unchanged last week while at the same time they bought the Emerging Markets but continued to sell the EAFE region."

Since we like to mainly focus on long/short equity funds as they're the easiest to track, we wanted to also provide some more color on their positioning. Specifically, they are favoring large cap stocks and 'high quality' names. When we last covered l/s equity positions, we saw that they were favoring value stocks. This play has been somewhat neutralized now. Still though, they definitely shifted away from growth plays in early January. While they also have positive inflationary expectations, these expectations are slightly lower than previous readings. As we've detailed with Bill Ackman's latest play, hedge funds are definitely favoring high quality companies with lots of international exposure as a means to deter inflation.

Embedded below, you will find the entire Bank of America Merrill Lynch hedge fund monitor report. RSS & Email readers, you'll need to come to the site to view it:




That wraps up our coverage of hedge fund exposure levels for now. For more research as to what the smart money is investing in, check out the top 10 stocks held by hedge funds, as well as 10 investment themes for 2010.

Technical Look at the S&P 500 Given the Recent Sell-Off

Given that the market has seen a large sell-off in recent days, we thought it would be prudent to take a technical look at the S&P 500. Adam over at MarketClub has posted a new video on the S&P 500 where he takes a look at whether or not the market is heading lower. Drawing the fibonacci retracement from the market highs to the market lows, he notes that the 50% retracement level is typically very important and serves as a resistance point. He also points out that they received a signal to exit their longs at S&P 1,114 as the market hovers around 'thin air' in the retracement zone. Click the chart to watch the video:




For now, Adam feels it's best to be out of the market as the sell-off has been sizable and he is anticipating more defensive action. However, he lastly notes that their monthly signals still show that the trend is up while their timing signals show to be out of the market for now. Check out his thoughts on the S&P 500.

S&P 500: Key Levels To Watch (Technical Analysis)

Adam over at MarketClub is back with a fresh look at the S&P 500 to decide whether or not the market is about to collapse or take off higher. You can check out his technical analysis video on the S&P 500 here. He pulls up a chart of the S&P and uses the fibonacci retracement tool to connect levels from 2008 to the lows in March of this year. Upon doing so, he notices that the 50% retracement level, often an important retracement, lands right where the market is currently and is serving as resistance for the S&P 500. Click the chart below to watch the video:



He also points out that there's been a divergence in the MACD for a long time as it has headed progressively lower while the market has headed higher. This divergence has been building over time and can be telling. He then zooms in to recent action and notes that the market has been rangebound lately and has been trading sideways. The 1,110 level has been serving as resistance for the market while 1,083 has been serving as support in the range. So, if it falls below that level, it could mean the market is going lower. And conversely, if the market breaks out above 1,110 then look for prices to head much higher. He says these are important because the market has become very technically-driven. Check out the video for Adam's full technical analysis of the S&P 500.

More Market Upside Says Jeff Saut Of Raymond James

"Buy on the cannons and sell on the trumpets." Jeffrey Saut, chief investment strategist at Raymond James focuses on this phrase in his latest weekly market commentary. He notes that investors were buying the first week of March this year and the ensuing rally has proceeded until the present. He then goes on to highlight a possible outlier event in the recent employment report. Last week the market gapped higher but then gave back gains. Market weakness is obviously evident in situations where a market rises substantially in the morning, only to leak out those gains over the course of the day.

Saut was trying to evaluate as to whether or not this represented a one-day reversal event and whether it meant more weakness was set to come. After all, he points to how certain economic indicators have shown strength one month, only to show weakness again the next. So, it seems the cycle plays on. This was interesting seeing how his commentary from last week focused on how dollar weakness will fuel stocks higher. It seems as if he is looking for reasons to challenge his previous conclusions. And, in a market and economic environment where things are constantly changing, it makes sense to re-examine theses and to constantly evaluate the other side of the argument.

Saut ends his note by laying out some interesting datapoints. He writes, "Since November 16th the S&P 500 (SPX/1105.98) has had a difficult time attempting to rally above the 1115 level. Interestingly, that level represents a 50% recovery of the SPX’s price decline from October 2007 (1554) into its March 2009 low (676). It also approximates the downtrend line formed by connecting the S&P’s October 2007 peak with the peak that occurred in May 2008." And while the majority of his commentary this week focuses on whether or not we should expect more weakness, he actually falls back on his conclusions from the past two weeks that the market upside will continue into year-end as managers are still underinvested compared to their typical 70-75% net long levels.

Embedded below is the weekly investment strategy from Jeff Saut at Raymond James in its entirety. Email readers come to the blog to view the document:




You can download the .pdf here. While Saut continues to examine the market on a weekly basis, it appears as if he's searching for reasons for the market not to rally. However, as per his notes last week, he still arrives at the conclusion that we'll end the year higher. For more thoughts from Saut, you can check out his commentary from last week as well.