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# Cypress Capital

Independent financial market research and asset management

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## Posts

- [World Wrap](/wp-content/uploads/Research/Reports/20260712-World-Wrap.pdf#new_tab) - - Middle East tensions lifted oil and commodities, while U.S. stocks advanced. International stocks, REITs and Treasuries lagged. - Technology, energy and momentum led. Materials and healthcare lagged as investors rotated toward growth and cyclicals. - Brazil, China and Nigeria outperformed, while Korea and Taiwan corrected after being among 2026's strongest markets. - Industrial metals rose while gold and silver fell. Treasuries and corporate bonds weakened as yields moved higher.
- [Market Outlook - When the Math Gets Hard](/wp-content/uploads/Research/Reports/20260711-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260705-World-Wrap.pdf#new_tab) - - US and foreign stocks gained, led by international equities. Commodities fell with oil sliding, while Treasuries lagged as yields rose. - Defensive sectors led as healthcare, consumer discretionary and financials rallied. Energy lagged as crude oil fell sharply. - Developed markets led. Taiwan advanced while Korea suffered a sharp correction after being one of 2026's best-performing markets. - High yield and international bonds gained while Treasuries fell. Gold and silver rose, oil dropped, and the dollar weakened.
- [Market Outlook - Borrowed Optimism](/wp-content/uploads/Research/Reports/20260704-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260629-World-Wrap.pdf#new_tab) - - REITs and Treasuries gained as easing Middle East tensions and lower yields offset weakness in stocks and commodities. - Technology and large growth sold off as semiconductor enthusiasm cooled, while healthcare, REITs and small caps rallied. - Asia led global declines as Korea, Taiwan and China fell on chip-sector weakness, while Germany proved resilient. - Long Treasuries led bond gains as yields fell. Oil plunged on fading geopolitical fears while the dollar strengthened.
- [Market Outlook - Speculation's New High-Water Mark](/wp-content/uploads/Research/Reports/20260627-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260621-World-Wrap.pdf#new_tab) - - US and foreign stocks rose while commodities sank as crude plunged, helping REITs rebound and offsetting a hawkish Fed backdrop. - Growth and momentum led, but leadership broadened as materials, financials and industrials joined the rally. - Korea surged nearly 20% and Taiwan rallied as AI enthusiasm lifted Asia, while commodity exporters like Norway lagged. - Oil plunged while gold, silver and the dollar all gained as global bonds lagged U.S. fixed income sectors.
- [Market Outlook - Money Goes Where It Is Treated Best](/wp-content/uploads/Research/Reports/20260620-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260615-World-Wrap.pdf#new_tab) - - US and foreign stocks rose while Treasuries gained. REITs joined the rally as oil plunged on easing Middle East fears. - Small caps led. Materials, staples and financials outperformed, while energy lagged as crude oil tumbled. - Latin America and Emerging Europe led abroad. Peru, Colombia, Chile and the Netherlands surged, while Taiwan lagged. - Bonds advanced as yields fell. Oil sank, gold slipped and the dollar weakened against major currencies.
- [Market Outlook - Wall Street Rediscovers How to Print Stock](/wp-content/uploads/Research/Reports/20260613-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260608-World-Wrap.pdf#new_tab) - - US stocks lagged foreign markets. Energy and REITs gained, while a sharp selloff in technology weighed on broader markets. - Defensives led. Health care, energy and low volatility gained, while growth, momentum, technology and consumer discretionary fell. - Developed markets beat EM. Korea pulled back after its AI-fueled surge, while Indonesia and Peru lagged and Colombia gained. - Bonds fell as yields rose after strong jobs data. Oil climbed, precious metals dropped and the dollar strengthened.
- [Market Outlook - The Rush for Capital](/wp-content/uploads/Research/Reports/20260606-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260601-World-Wrap.pdf#new_tab) - - US and foreign stocks rose as AI optimism and Middle East peace hopes lifted risk assets. REITs lagged, while oil hit broad commodities. - Growth and technology led again as AI spending mania spread. Defensives and energy lagged as oil slid and the rally narrowed. - Korea, Peru and Taiwan led abroad as risk appetite broadened. China, Hong Kong and Turkey were notable exceptions to the rally. - Treasuries firmed as yields fell. Oil’s plunge dragged commodities lower, gold bounced late, and the dollar was little changed.
- [Market Outlook - Margin Debt Over Margin of Safety](/wp-content/uploads/Research/Reports/20260530-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260526-World-Wrap.pdf#new_tab) - - US and foreign stocks rose – REITs led as yields eased. Oil’s plunge kept commodities under pressure. - Small caps and defensives led: health care, utilities and real estate beat. Communication services and staples lagged. - Europe and LatAm led abroad. Peru, Sweden and Ireland jumped, while Indonesia and Turkey slumped amid EM volatility. - Bonds firmed as rate fears eased, while oil’s slide hit commodities. The dollar was little changed.
- [Market Outlook - Narrower, Faster, More Concentrated](/wp-content/uploads/Research/Reports/20260522-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260518-World-Wrap.pdf#new_tab) - - US stocks edged higher while foreign stocks, Treasuries and REITs fell – commodities surged as oil’s 10% spike reignited inflation fears. - Energy exploded higher on oil’s surge while small caps sank – large-cap growth again masked weak breadth beneath the surface. - International stocks broadly fell as dollar strength and rising oil hit EM hardest – Brazil, India and Indonesia led the decline. - Bonds fell as yields jumped – oil and gas surged, gold slipped, and the dollar posted its strongest week since March.
- [Market Outlook - Inflation's Second Act](/wp-content/uploads/Research/Reports/20260516-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260511-World-Wrap.pdf#new_tab) - - US and EM stocks led. Treasuries and REITs barely rose, while commodities split as oil slid and silver/gold popped. - Tech crushed it on AI earnings. Growth beat Value, while Energy and Utilities sank as oil cooled and defensives were dumped. - EM ripped nearly 7% higher, led by Korea’s AI-fueled melt-up and Taiwan’s surge, while Europe lagged badly again. - Bonds eked out gains as yields slipped. Oil fell hard, silver/gold rallied, and the dollar logged a second weekly decline.
- [Market Outlook - A Church With A Casino Attached](/wp-content/uploads/Research/Reports/20260509-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260504-World-Wrap.pdf#new_tab) - - Stocks kept climbing – U.S. led, REITs joined, commodities rose on oil and gas, while Treasuries slipped as rates backed up. - Energy surged while Materials lagged – value and momentum led broadly, with small caps strong and mid-cap growth the lone weak spot. - Global markets were sharply split – Korea, Japan, and parts of Europe led, while Taiwan, China, and commodity EM lagged in a choppy, uneven week. - Bonds sagged, EM debt weakened, oil and gas ripped, gold slipped, and the dollar gave back last week’s safe-haven bid.
- [Market Outlook - Sell in Midterm May and Go Away](/wp-content/uploads/Research/Reports/20260501-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260427-World-Wrap.pdf#new_tab) - - Commodities rose on Middle East tension. US equities gained, while most intl markets fell, REITs declined, and Treasuries slipped as yields rose. - AI-led tech drove gains - semis led while defensives lagged. Breadth narrowed as fewer stocks participated in the advance. - AI-linked Asia outperformed, but global breadth was weak – Europe, EM, and commodity exporters broadly declined. - Yields rose on “higher-for-longer” Fed tone. Oil gained on geopolitics, gold fell, and the dollar firmed on rate expectations.
- [Market Outlook - Speculation Is Outpacing Breadth](/wp-content/uploads/Research/Reports/20260425-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260419-World-Wrap.pdf#new_tab) - - US equities broke out to new highs, led by a surge in tech; international stocks followed, Treasuries and REITs gained, while oil fell sharply as geopolitical risk eased. - Tech, discretionary and communication led – energy lagged and utilities slipped as oil fell, rates eased, and AI/earnings favored cyclicals. - EM beat developed – South Korea led on chip strength, Europe and Japan gained on peace hopes, and India rose more modestly. - Treasuries, credit, high yield and munis rose – euro-area bonds and EM debt firmed. Oil fell, gold and silver rose, and the dollar eased.
- [Market Outlook - Did Institutions Take the Lead – or Did Retail Just Move Offshore?](/wp-content/uploads/Research/Reports/20260417-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260411-World-Wrap.pdf#new_tab) - - US and international stocks surged on ceasefire hopes. REITs bounced, commodities split, and oil posted its steepest weekly drop since 2020. - Growth beat value, led by semis and big tech. Energy was the clear laggard as crude suffered its worst week since April 2020. - International markets jumped, led by South Korea, Japan, Europe and Latin America, as ceasefire hopes and cheaper oil sparked a relief rally. - Oil plunged and the dollar logged its biggest weekly drop since January. Bond markets swung with CPI and ceasefire headlines as Bund yields rose.
- [Market Outlook - The Tape Is Trying – Sentiment Isn’t Helping](/wp-content/uploads/Research/Reports/20260410-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260406-World-Wrap.pdf#new_tab) - - US equities slipped while international held firmer – Treasuries weakened as yields rose, REITs lagged, commodities lifted by oil strength and inflation fears - Defensive sectors led as cyclicals cooled – value held up better than growth as ISM signaled stagflation and pressured economically sensitive groups - International markets were mixed – commodity exporters outperformed while parts of Asia lagged amid slowing trade signals and uneven growth data - Yields rose across curves, pressuring bonds broadly – dollar firmed, oil stayed elevated, supporting commodities while credit spreads showed early widening pressure
- [Market Outlook - Defensive Leadership Re-Emerges Amid an Uncomfortable ISM Signal](/wp-content/uploads/Research/Reports/20260403-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260329-World-Wrap.pdf#new_tab) - - Global markets stayed defensive – equities fell, Treasuries and REITs sagged, while commodities held up as oil’s shock drowned out ceasefire hopes. - Energy and other value pockets held up best, while tech and consumer names kept growth under pressure as pricier oil hit rate-cut hopes. - Intl markets split – Canada held up on resource strength, Europe eked out gains, while oil-sensitive importers like India stayed pressured and Korea whipsawed. - Treasuries, credit and overseas bonds weakened as yields rose, the dollar firmed and oil led commodities – gold slipped despite the risk-off tone.
- [Market Outlook - Complacency Meets an Oil Supply Shock](/wp-content/uploads/Research/Reports/20260327-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260321-World-Wrap.pdf#new_tab) - - Equities slid while commodities surged – oil shock from Iran hit Treasuries and REITs, and inflation fears favored harder-asset exposure. - Energy led and small caps lagged – banks, industrials and discretionary sank as pricier oil, slower growth fears and credit jitters hit cyclicals. - India was hit hardest, while exporters and energy-linked markets held up better – higher oil punished importers and stirred rate fears across Asia and Europe. - Oil and the dollar jumped while gold, metals and most bonds fell – inflation repricing hurt high yield and rate-sensitive debt as yields climbed.
- [Market Outlook - Internals Worsening Faster Than the Wall of Worry Can Rebuild](/wp-content/uploads/Research/Reports/20260320-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260316-World-Wrap.pdf#new_tab) - - Stocks sagged while Treasuries and REITs also slipped – the real outlier was oil, as Iran conflict and inflation fears swamped a weak jobs report. - Growth stocks held up better than value while small caps lagged – energy led on rising crude as defensive sectors and materials trailed. - Abroad, emerging markets and Europe were weak, with South Korea among the biggest laggards as tech-heavy markets struggled. - Bonds fell as yields jumped – investment grade and EM debt lagged, the dollar firmed, oil surged, and gold and US Treasuries failed to play safe haven.
- [World Wrap](/wp-content/uploads/Research/Reports/20260309-World-Wrap.pdf#new_tab) - - Stocks slid globally as oil surged and inflation fears resurfaced – equities struggled while commodities stood out as the week’s clear winner. - Growth stocks held up better than value while small caps lagged – energy led on rising crude as defensive sectors and materials trailed. - Abroad, emerging markets and Europe were weak, with South Korea among the biggest laggards as tech-heavy markets struggled. - Bonds fell as yields climbed – long Treasuries and global debt lagged, the dollar strengthened, oil surged, and gold failed to rally.
- [Market Outlook - Retail Driving the Bus](/wp-content/uploads/Research/Reports/20260306-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260228-World-Wrap.pdf#new_tab) - - Risk-off week – US stocks slipped as Treasuries rallied – gold and oil firmed on Iran tension, with REITs and overseas equities modestly higher. - Defensives led – utilities, staples, and health care gained as tech and banks dragged on AI disruption and credit jitters – energy and materials held up. - Outside the US, returns were positive – Asia led (Japan, Korea, Taiwan) on chip demand, while Europe stayed steady and EM eked out gains. - Bonds caught a bid – core and munis up as yields fell, while credit lagged and high yield dipped – gold and silver surged, oil rose, gas slid, dollar softer.
- [Market Outlook - Relief Without Repair](/wp-content/uploads/Research/Reports/20260227-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260222-World-Wrap.pdf#new_tab) - - Stocks rebounded, bonds slipped as yields rose – tariff ruling eased risk while Iran jitters lifted energy and metals – REITs were flat. - Cyclicals led – communication services, discretionary, industrials and financials outpaced – staples and utilities lagged in a firmer-rate tape. - Europe extended gains on earnings and firmer activity – Asia was holiday-thin – South Korea jumped while Hong Kong slipped on rotation. - Core bonds edged lower as yields climbed – credit held up and munis firm – oil and silver surged, gold rose, nat gas slid and the dollar strengthened.
- [Market Outlook - The Logic Beneath the Highs](/wp-content/uploads/Research/Reports/20260220-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260214-World-Wrap.pdf#new_tab) - - US stocks slid on AI/valuation jitters despite cooler CPI – Treasuries and REITs caught a bid as yields fell, while oil sagged on supply talk. - Value and defensives led – utilities and real estate ripped higher as investors hid from mega-cap tech and financials, where the drawdown was sharpest. - Outside the US, Europe ground sideways but banks sank – Japan rode post-election volatility, while China stayed policy-supported and EM kept a bid. - Rates rallied on softer inflation – credit was steadier, the dollar eased vs yen/euro, gold stayed supported, and oil logged another weekly drop.
- [Market Outlook - Priced for Durability. Rising Fragility](/wp-content/uploads/Research/Reports/20260212-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260207-World-Wrap.pdf#new_tab) - - US stocks chopped sideways as big-tech sagged, but a Friday rebound pushed blue chips to a record – REITs held up while broad commodities slid on weaker oil. - Value and smaller caps led – staples, industrials, energy up while discretionary and comms lagged as tech and AI sentiment whipsawed. - Developed markets edged higher – Japan stood out – while emerging markets fell as China and Korea dragged, offsetting strength in Mexico and India. - Bonds were steady with Treasuries and credit modestly firmer – bank loans and preferreds lagged – gold jumped as the dollar strengthened and oil retreated.
- [Market Outlook - When the Cycle Reprices Risk](/wp-content/uploads/Research/Reports/20260205-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260131-World-Wrap.pdf#new_tab) - - Risk stayed choppy – US stocks flat, overseas firmer – bonds steady – oil led commodities while gold/silver reversed hard on Fed-chair announcement, AI, and geopolitics. - Small caps lagged – energy and communication services led as AI jitters hit tech – defensives held up while health care and materials trailed. - Overseas mostly higher – Korea surged on chip strength – Hong Kong and parts of Europe firm – Vietnam and Indonesia slumped, keeping EM mixed. - Curve steepened on Warsh – 2s/5s rallied while 10s sold off – front-end bonds firm, credit softer – dollar wobbled – oil and nat gas surged as gold fell.
- [Market Outlook - Burdens of Burlap and Base Metals](/wp-content/uploads/Research/Reports/20260129-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260125-World-Wrap.pdf#new_tab) - - Tariff whiplash drove choppy U.S. trading – stocks slipped, REITs lagged – commodities ripped as the dollar sank and havens surged. - Sector leadership flipped – Energy and Materials led on commodity strength – Financials, Real Estate and Utilities lagged as rates stayed firm. - Outside the U.S., emerging markets outperformed – AI-heavy Asia led – Europe was mixed – Japan lagged as bond yields jumped and politics stirred. - Bonds were flat overall – credit held up while munis lagged – dollar weakness lit a fire under gold, silver and natural gas, with oil higher.
- [Market Outlook - Sentiment Survey Optimism Near Cycle High](/wp-content/uploads/Research/Reports/20260122-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20260117-World-Wrap.pdf#new_tab) - - Intl stocks led while US equities dipped; Treasuries steady as Fed-independence noise pushed yields around – metals and REITs were the bright spots - Small caps and defensives led as investors rotated away from financials and discretionary; chip-driven AI optimism helped cap the week’s pullback. - Japan ripped higher on stimulus-election chatter; Korea and Taiwan gained on tech strength, while China and Hong Kong lagged amid tighter trading rules. - Bonds eked out gains across core, credit, munis and high yield; the dollar firmed – silver and gold surged, oil held gains, and natural gas slipped.
- [World Wrap](/wp-content/uploads/Research/Reports/20260112-World-Wrap.pdf#new_tab) - -US stocks hit fresh highs as investors shrugged off headline risk. Commodities shined on firmer oil and a surge in precious metals while bonds stayed calm. -Under the hood, it was a rotation week – small caps and cyclicals led as defensives lagged and big tech cooled after a strong run. -Developed and emerging markets dvanced. Europe rode a tech bid while Japan and parts of Asia benefited from currency weakness and AI-linked strength. -Credit held firm and munis led as yields eased. The dollar strengthened while oil and gold rose on geopolitical and safe-haven demand.
- [Market Outlook - Captain Condor and Crowded Risk](/wp-content/uploads/Research/Reports/20260114-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - Tightrope Market – Don’t Look Down](/wp-content/uploads/Research/Reports/20260106-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [2025 World Wrap](/wp-content/uploads/Research/Reports/2025_Q4-World-Wrap-1.pdf#new_tab) - - US stocks climbed on AI earnings and late-year Fed cuts – but a softer dollar and catch-up rallies had foreign stocks leading, with metals stealing the show in 2025. - US leadership stayed growthy – tech and communication plus momentum beat value and defensives, while small caps lagged until rate-cut hopes broadened. - International breadth was the story – Korea and Brazil ripped, Europe surprised, China rebounded – helped by USD weakness and rotation to cheaper markets. - Credit carry beat duration – IG and high yield outpaced Treasuries, the dollar slid, gold/silver/copper surged, and oil lagged on ample supply.
- [Market Outlook - Confidence Without Compensation](/wp-content/uploads/Research/Reports/20251223-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251221-World-Wrap.pdf#new_tab) - - US Equities rebounded late to end flat as cooler inflation data offset early tech volatility, while Treasuries gained on rising 2026 rate-cut expectations. - Tech and Growth factors lagged early due to AI valuation fatigue but recovered Friday, while defensive sectors like Healthcare and Utilities outperformed. - International stocks were mixed; Europe rose on UK rate cuts, but Japan fell over 2.6% for the week as the BOJ hiked rates to 0.75% and bond yields hit 20y highs. - The US Dollar rose slightly as Treasuries yields fell, while Commodities dipped due to natural gas and agriculture weakness despite a surge in gold and copper.
- [World Wrap](/wp-content/uploads/Research/Reports/20251215-World-Wrap.pdf#new_tab) - - US stocks tread water with tech weakness and cyclical strength as Fed cuts rates; bonds got mixed and gold rallied on softer yields/dollar. - Small caps and cyclicals outpaced mega-cap growth as AI-sector lag and soft economic data shifted leadership amid higher volatility. - International equities were mixed; emerging markets dipped then rallied late with Fed dovish cues and China fiscal support whispers. - Treasuries sold off on higher yields, commodities saw precious metals strength on rate hopes, and the dollar eased.
- [Market Outlook - When the Water Level Drops](/wp-content/uploads/Research/Reports/20251215-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - The Hangover Economy](/wp-content/uploads/Research/Reports/20251209-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251207-World-Wrap.pdf#new_tab) - - Global stocks & commodities rose on high Fed rate cut odds despite stale data, but rising Japanese yields dragged US Treasuries lower in a sharp divergence. - Tech and Consumer Cyclicals led a risk-on rally, boosting Small Caps and Growth factors; Energy rebounded sharply while defensive sectors trailed the broad advance. - Asian tech exporters surged on earnings optimism, outpacing Japan where rate hike fears weighed on mkts; European equities advanced on steady macro signals. - The Dollar softened on weak private payrolls, lifting oil and silver; conversely, Treasury yields climbed as a sell-off in Japanese bonds rippled globally.
- [World Wrap](/wp-content/uploads/Research/Reports/20251201-World-Wrap.pdf#new_tab) - - Global risk assets ripped higher as U.S. and overseas equities rallied on a Big Tech rebound, while Treasuries firmed and metals-led commodities advanced. - Growth and mega-cap tech led as the Nasdaq logged outsized gains, while more defensive sectors lagged and investors re-embraced AI-exposed winners. - International and emerging stocks climbed, led by European gains and firmer Asia, as Fed cut hopes and Ukraine peace progress supported risk appetite. - Core bonds inched higher as Treasury yields slipped, the dollar logged its worst week in months, and precious metals rallied on policy easing hopes.
- [World Wrap](/wp-content/uploads/Research/Reports/20251123-World-Wrap.pdf#new_tab) - - U.S. equities and international stocks fell amid tech- and AI-related jitters, while Treasuries edged higher and commodities slipped. - Among U.S. sectors, health care stood out with gains, materials were relatively resilient, while tech and consumer discretionary lagged. - International markets declined broadly, with Asia-Pacific equities taking the largest hit as global risk sentiment weakened. - In fixed income, core U.S. bonds posted modest gains, the U.S. dollar strengthened and commodity prices eased amid cautious rate-cut expectations.
- [Market Outlook - When the Lights Come On: Cockroaches](/wp-content/uploads/Research/Reports/20251123-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251115-World-Wrap.pdf#new_tab) - - U.S. equities finished the week little changed as early optimism over the end of the government shutdown faded amid rising yields and tech valuation concerns. - Within U.S. sectors, health care stood out positively while consumer discretionary lagged, reflecting a tilt toward defensive and value-oriented stocks. - International and emerging markets posted modest gains on easing China-growth fears and fresh flows into Asia, though country results were uneven. - Treasury yields climbed while the dollar eased and broad commodities inched higher as markets repriced the path of future rate cuts.
- [Market Outlook - Euphoria Peaking, Internals Weakening](/wp-content/uploads/Research/Reports/20251114-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251110-World-Wrap.pdf#new_tab) - - Global risk appetite cooled as the tech-led U.S. equity rally stalled amid valuation and AI-profitability jitters, dragging major indices lower. - Within U.S. sectors and style boxes, growth and tech under-performed sharply while energy and real estate held up better amid defensive rotation. - International and emerging markets also slipped, weighed by a strong dollar, weaker exports and cooling Chinese demand despite hopes rising for reopening relief. - In fixed income, global bonds edged lower and yield curves flattened as safe-haven demand rose; commodities were mixed but oil fell on demand worries; the dollar remained firm.
- [Market Outlook - Buffett’s Last No to Mr. Market](/wp-content/uploads/Research/Reports/20251103-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251103-World-Wrap.pdf#new_tab) - - U.S. large-cap equities eked out gains amid a rate cut, while real estate dipped and the dollar rallied as uncertainty about further Fed easing clouded broad strength. - Tech and consumer discretionary led, while materials, staples, and real estate fell; small caps lagged large growth as breadth stayed mixed. - International markets were mixed, with Europe softer, Japan advancing on policy steadiness, and China/HK dipping on weak factory data. - The Fed may have cut rates, but yields rose across the curve, core bonds and credit slipped. Oil and gold fell, nat gas surged, and the dollar strengthened.
- [Market Outlook - Cutting Into Euphoria](/wp-content/uploads/Research/Reports/20251027-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251026-World-Wrap.pdf#new_tab) - US equities posted strong gains, outpacing international stocks and bonds, amid optimism over Fed cuts and easing China trade tensions; commodities also rose. Tech and energy led market gains as cooling inflation and upbeat earnings lifted sentiment, while defensive sectors like staples lagged. Abroad, Europe notched weekly gains and the U.K. hit a record; EM rallied with China, Korea and Indonesia leading while Mexico slipped. Rates eased and core bonds rose. Oil posted a strong weekly rebound on Russia-sanctions headlines. Gold fell while the dollar was up modestly.
- [Market Outlook - The Martingale Market](/wp-content/uploads/Research/Reports/20251020-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251020-World-Wrap.pdf#new_tab) - - U.S. stocks rose; REITs led as yields eased. Oil fell a third straight week, leaving commodities mixed; non-U.S. equities were little changed. - Tech & communication services outperformed; real estate rebounded on lower rates. Energy lagged and banks flickered on credit-risk headlines. - Overseas, Europe eked a small weekly gain while EM appetite cooled on outflows; China property strains kept country moves mixed. - Yields slipped, lifting Treasuries and core credit; gold stayed hot as the dollar softened, while oil logged a third weekly loss.
- [Market Outlook - Greater Fool Theory Goes Mainstream](/wp-content/uploads/Research/Reports/20251013-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251012-World-Wrap.pdf#new_tab) - - Risk-off week: U.S. & intl stocks fell on renewed U.S.–China tariff threats; REITs lagged; core bonds near flat; broad commodities mixed. - Defensives led: utilities & staples eked gains, while energy and real estate sank; tech slipped as China-trade headlines hit growth. - Overseas equities fell; Europe/China-sensitive markets lagged, Japan’s early pop faded as the late-week selloff hit globally. - Rates whipsawed; Treasuries roughly flat, credit softer; dollar jumped while gold hovered near records and oil slid toward 2025 lows.
- [Market Outlook - Insatiable Risk Appetite](/wp-content/uploads/Research/Reports/20251006-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20251005-World-Wrap.pdf#new_tab) - - International equities surged ahead of all major asset groups this week, while US stocks posted modest gains as markets largely shrugged off the ongoing government shutdown. - US healthcare and utilities sectors led the week as mixed economic data and a stalled jobs report sent investors into defensive areas despite market record highs. - International & EM rallied - Asia led with China/HK strength. Europe chalked up its best week since April on rate-cut bets and tech momentum. - US fixed income sectors advanced as yields fell, while gold rose and the US dollar slipped on softer economic data and persistent shutdown concerns.
- [World Wrap](/wp-content/uploads/Research/Reports/20250928-World-Wrap.pdf#new_tab) - - US equities were flat to modestly down, international equities underperformed, treasuries gave back gains, REITs held up, and commodities (led by gold) saw small upside. - Within US factors/sectors, defensives and energy outpaced growth and tech amid mixed data and shifting rate expectations. - EM and international markets broadly lagged, with China and select frontier markets under more pressure while parts of Europe held up. - US/intl bonds were slightly weaker, gold gained, oil was muted, and the dollar bounced as strong macro data weighed on cut odds.
- [Market Outlook - All Our Eggs in the AI Basket](/wp-content/uploads/Research/Reports/20250928-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250922-World-Wrap.pdf#new_tab) - - US equities led gains as the Fed cut rates, intl equities were flat to slightly down, Treasuries weakened, REITs underperformed, commodities mixed. - Growth-and tech-oriented sectors outperformed amid rate cut optimism, while defensive sectors like staples/utilities lagged; small caps also gained. - Emerging markets edged out developed non-US markets; Asia/EM posted modest gains while Europe was weighed down by mixed central bank signals. - US fixed income fell after rate cut stoked inflation concerns, the dollar strengthened, gold rose, other commodities were mostly flat.
- [Market Outlook - AI Gains, Consumer Pains](/wp-content/uploads/Research/Reports/20250921-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250915-World-Wrap.pdf#new_tab) - - US and global equities rallied on Fed rate cut optimism; treasuries were modestly higher and commodities climbed, with oil weaker and gold firmer. - US growth and tech sectors led as core inflation steadied; cyclicals lagged, with real estate facing pressure from cautious longe term rate outlook and bond yields. - International equities outperformed on upbeat earnings and ECB confidence, with Japan and Europe gaining on policy clarity and Asian stimulus hopes. - US Treasuries and global bonds oscillated after strong auctions. Precious and industrial metals posted gains, while agricultural commodities ended the week lower.
- [Market Outlook - We Prefer Fed Chairs Who Smoke Cigars](/wp-content/uploads/Research/Reports/20250914-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250908-World-Wrap.pdf#new_tab) - - US Treasuries outperformed as slowing payroll growth and rising Fed rate cut odds offset mixed equity moves; commodities slipped despite early gains. - Communication services surged led by mega-cap tech gains, while energy lagged; mixed jobs data and rate cut expectations drove divergence across style boxes. - Developed international equities trailed as the euro declined and policy uncertainty mounted, while Japanese markets showed relative strength on earnings. - US Treasuries rallied as yields fell on softer payroll and higher rate cut odds; commodities finished lower and the US dollar held steady in tight ranges.
- [Market Outlook - A Market Obsessed with Cuts](/wp-content/uploads/Research/Reports/20250907-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250901-World-Wrap.pdf#new_tab) - - US stocks dipped slightly while intl equities saw sharper losses; Treasuries were modestly positive, and commodities led weekly gains amid oil strength. - Energy led US sectors with strong gains, fueled by rising oil/nat gas prices & industry news; Financials followed, while Utilities fell most as long-term rates weighed. - Weakness across intl markets persisted, led by Europe & Asia declines; Japan’s lower industrial output & Europe’s policy uncertainty pressured equities. - US Treasuries mildly gained as rate cut bets rose; European bonds steady, oil firm, and the US dollar gained after mixed Fed signals and global growth concerns.
- [Market Outlook - Cutting Into Euphoria](/wp-content/uploads/Research/Reports/20250831-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250825-World-Wrap.pdf#new_tab) - - US equities saw midweek weakness but rebounded Friday on Powell speech. Intl stocks were up on stimulus talks. REITs & Commodities surged amid mkt volatility. - Energy gained on oil’s rebound, while Tech fell after news the government might take a 10% Intel (INTC) stake and was unable to recover. - Chinese equities heightened with stimulus hopes, leading Asia markets; stable gains in Europe supported by emerging growth signals. - Decisive US bond auction rallied fixed income; dollar surged post-Fed remarks; rising oil prices driven by inventory drawdown.
- [Market Outlook - One Speech, Many Stories](/wp-content/uploads/Research/Reports/20250824-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250818-World-Wrap.pdf#new_tab) - - US and international equities climbed on Fed rate-cut hopes after tame US inflation, real estate lagged, Treasuries were choppy on hot PPI. Commodities fell. - Healthcare rallied almost 5% on news that Berkshire had taken a stake in UNH. Small caps outperformed on increased rate cut odds. - International equities rose for the week, led by Japan’s record-setting rally on strong GDP and Europe’s gains on Ukraine peace talk hopes. - A hotter-than-expected PPI report midweek triggered a rise in Treasury yields and pressured international bonds. Fresh off a 3-Yr high, lumber fell more than 6%.
- [Market Outlook - Champagne Prices for Tap Water](/wp-content/uploads/Research/Reports/20250817-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250811-World-Wrap.pdf#new_tab) - - Volatile week: Stocks and Treasuries tumbled on weak jobs data and tariffs, then rebounded as risk appetite returned. Real estate lagged; gold hit a record. - Sector leaders: Tech and Consumer Discretionary led gains while Health Care lagged. Breadth was broad but tilted toward growth sectors. - Global edge: International stocks outperformed on a softer dollar and easing rate outlook. India fell 2%+ on a higher tariff announcement. - Rates & oil: Treasuries rallied early on weak jobs and tariff fears, then reversed to end lower. Crude oil slid more than 5% for the week.
- [Market Outlook - Speculation & Big Tech Still Driving the Tape](/wp-content/uploads/Research/Reports/20250810-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250803-World-Wrap.pdf#new_tab) - - Equities fell after a double whammy of higher-than-expected PCE inflation and the largest downward payroll revision since the pandemic. - All key U.S. styles and factors declined, with Communication Services and Utilities the only safe havens among U.S. sectors. - International equities also declined broadly, with gains largely confined to major oil-producing countries. - Commodity indices rose on higher crude oil and gold prices, while lumber futures surged to a three-year high.
- [Market Outlook - Speculation Collides with Stagflation](/wp-content/uploads/Research/Reports/20250803-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250727-World-Wrap.pdf#new_tab) - - Global equities advanced, while commodities and the U.S. dollar sold off. - All U.S. styles and factors posted gains, with 10 of 11 sectors moving higher – Consumer Staples were unchanged. - Developed markets outperformed, driven by a 5% rebound in Japan. Emerging markets lagged despite strength in Chinese equities. - Natural gas prices declined more than 12% – contributing to broad weakness across commodities.
- [Market Outlook - Return of Retail Mania](/wp-content/uploads/Research/Reports/20250727-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250721-World-Wrap.pdf#new_tab) - - It was a relatively uneventful week with modest moves across global financial markets. - Six of the nine style boxes declined, though Large Cap Growth stocks led the market higher. - Emerging markets outperformed, fueled by rallies of over 3% in China and Taiwan. - The 30-year yield climbed back above 5%. Broad commodities were flat, but the Ag sector showed strength. Spot prices for feeder cattle hit all-time highs.
- [Market Outlook - Speculation Train Keeps on Rolling](/wp-content/uploads/Research/Reports/20250719-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250714-World-Wrap.pdf#new_tab) - - Global equities and fixed income declined, while commodities continued to rally. - The broad market fell – but it was a rotational week, with five sectors advancing, led by Energy. - International equities declined – though there were pockets of strength among emerging and frontier markets. - Commodity prices climbed on strength in energy and precious metals. The price of silver surged to a 13-year high.
- [World Wrap](/wp-content/uploads/Research/Reports/20250707-World-Wrap.pdf#new_tab) - - Global financial assets and commodities rallied, while yields on U.S. Treasuries moved higher. - The rally broadened last week, with mid- and small-cap stocks outperforming. - International markets underperformed, weighed down by declines in Germany and Japan. - All major commodity sectors advanced, and the U.S. dollar fell to a three-year low.
- [Market Outlook - Everything Looks Good…Except the Math](/wp-content/uploads/Research/Reports/20250705-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250629-World-Wrap.pdf#new_tab) - - Global equities reached new highs this week, rallying as concerns about the Israel–Iran conflict subsided. - All styles and factors advanced, led by momentum and growth stocks. The Energy and Real Estate sectors were the only decliners. - It was a broad global rally, with only Argentina, Denmark, and Norway finishing the week lower among international equities. - Crude oil fell more than 10% on news of a ceasefire between Israel and Iran. The U.S. dollar declined more than 1%, hitting a three-year low.
- [Market Outlook - The Winner-Take-All Market](/wp-content/uploads/Research/Reports/20250628-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250623-World-Wrap.pdf#new_tab) - - Global equities declined, while commodities climbed, supported by another week of rising crude oil prices amid geopolitical concerns. - Sector performance was mixed. Every style box finished higher except for Large Cap and Large Growth stocks. - Emerging markets were flat for the week – a relative win in a broadly down week for global equities, with gains in India, Taiwan, and Brazil helping offset weakness elsewhere. - Crude oil climbed above $75 a barrel for the first time since January.
- [Market Outlook - Breadth Thrusts without Breadth](/wp-content/uploads/Research/Reports/20250620-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250616-World-Wrap.pdf#new_tab) - - The Israel–Iran conflict pushed U.S. equities lower on Friday, ending the week down. Commodities rallied, led by strength in precious metals and crude oil. - Four of 11 sectors advanced – led by energy stocks, which surged more than 5%. - Emerging markets closed the week higher, driven by rallies in China, Brazil, and Taiwan. - Treasuries had a decent week but sold off alongside stocks on Friday – a departure from the typical flight-to-safety response during geopolitical events.
- [Market Outlook - Risk-On Without a Net](/wp-content/uploads/Research/Reports/20250613-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250609-World-Wrap.pdf#new_tab) - - Commodities rallied sharply, global equities moved higher, and U.S. Treasuries sold off as investors rotated toward risk assets. - Small-cap stocks led the way. Consumer Discretion, Consumer Staples, and Utilities were the only sectors to finish in the red. - Emerging markets posted strong gains. Developed markets underperformed, dragged down primarily by weakness in Japanese equities. - Commodity prices rose across all major sectors. Notably, silver surged to its highest level in over a decade.
- [Market Outlook - Strong Breadth With A Soft Underbelly](/wp-content/uploads/Research/Reports/20250607-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250602-World-Wrap.pdf#new_tab) - - Global financial assets rallied, while commodities declined—driven primarily by a drop in crude oil prices. - Tech and momentum stocks led performance, whereas energy was the only sector to post losses. Midcap stocks lagged the broader market. - Developed mkts advanced, supported by strength in Europe. In contrast, emerging mkts declined broadly, with weakness across most major countries. - Gold prices fell more than 2%, marking a second lower high since the all-time peak in late April.
- [Market Outlook - Running on Narrative](/wp-content/uploads/Research/Reports/20250530-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250526-World-Wrap.pdf#new_tab) - - Mixed week for global financial assets. U.S. equities and Treasuries fell, while international equities and commodities rallied. - Broad decline across all styles, sectors, and factors. Small-cap stocks were among the worst performers. - Developed markets outperformed, while emerging markets were flat – held back by underperformance in India, Taiwan, and Brazil. - US fiscal worries and a weak 20-yr auction sent 30-yr yields above 5% – first time since 2023, and before that, not seen since 2007.
- [Market Outlook - Let's Light This Candle](/wp-content/uploads/Research/Reports/20250523-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250518-World-Wrap.pdf#new_tab) - - Global equities posted strong gains for the week, led by U.S. stocks. U.S. Treasury prices fell, with yields climbing. - A broad-based rally took hold across styles, sectors, and factors, echoing a familiar pattern—large caps and Tech out front. - Emerging markets outperformed internationally, boosted by strong results from India and Taiwan. - U.S. Treasuries showed signs of strain amid concerns over a deficit-expanding budget, with the 30-year yield nearing 5%.
- [Market Outlook - Tariff Concerns Are Shrinking – So Is the Margin of Safety](/wp-content/uploads/Research/Reports/20250513-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250512-World-Wrap.pdf#new_tab) - - Prices on U.S. equities and Treasuries declined modestly, while commodity prices rebounded. - Style performance was mixed, with large caps falling and all small- and mid-cap styles advancing. Healthcare stocks fell more than 4%. - Emerging markets outperformed, driven by rallies in China, Taiwan, Brazil, and Mexico. - Crude oil rebounded over 4% to above $60. Gold rose too, but it's on its longest streak without a new high this year.
- [Market Outlook - Oracle of Omaha’s Last Word – Cash is King](/wp-content/uploads/Research/Reports/20250506-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250505-World-Wrap.pdf#new_tab) - - Global equities rallied, led by international stocks. Commodity prices declined as crude oil fell to four-year lows. - There was a broad rally, with growth and momentum stocks outperforming. Energy was the only sector to decline last week. - International stocks outperformed, and all major global regions are ahead of U.S. stocks year-to-date. - Weak economic growth and inflation headlines pushed Treasury yields modestly higher. Crude oil prices fell below $60 per barrel for the first time since 2021.
- [Market Outlook - Froth was Fading. Then Marty Zweig spoke.](/wp-content/uploads/Research/Reports/20250429-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250427-World-Wrap.pdf#new_tab) - - Global risk assets advanced, with the exception of commodities, which were pulled lower by falling crude oil prices. - The worst-performing year-to-date sectors rebounded the most last week. Consumer Staples, 2025’s best performer, was the only declining sector. - There was a broad rally internationally, with 41 of 45 countries advancing. European stocks continue to outperform. - Treasury yields fell modestly, and the dollar stabilized as the Trump administration softened its tone on tariffs.
- [Market Outlook - Bearish Voices, Bullish Bets](/wp-content/uploads/Research/Reports/20250422-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250420-World-Wrap.pdf#new_tab) - - U.S. equities declined while other key global asset classes climbed. International equities outperformed U.S. stocks by more than 5% last week. - Large-cap stocks, technology, and consumer discretionary sectors were the focus of selling, dragging the cap-weighted U.S. indices lower. - Developed markets rallied more than 4%, with Europe accounting for 8 of the 10 best-performing countries year-to-date. - The U.S. dollar sank to a three-year low, falling below 100. Gold hit new all-time highs, crossing above $3,330 per ounce.
- [Market Outlook - Navigating Uncertainty](/wp-content/uploads/Research/Reports/20250415-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250412-World-Wrap.pdf#new_tab) - - After an especially volatile week driven by tweets and tariff headlines, US stocks finished sharply higher, while US Treasuries and Intl stocks declined. - Momentum, technology, and large-cap growth stocks outperformed and helped drive the major indices higher. - Developed markets ended the week higher, but falling prices in Asia weighed on broader international indices and emerging markets. - Early signs of distress in fixed income: US Treasuries fell, sending rates higher. Gold spiked 7%, topping $3,200/oz for the first time.
- [Market Outlook - The World is Lumpy](/wp-content/uploads/Research/Reports/20250408-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250407-World-Wrap.pdf#new_tab) - - US equities experienced their largest weekly decline since March 2020. Treasuries and intl equities remain the only major asset classes still holding gains for 2025. - It was a sea of red last week, with all styles, factors, and sectors posting losses. - Emerging markets held up relatively well, experiencing only 30–35% of the downside seen in US markets. - In a break from the stock market correction playbook, the US dollar fell. Similarly, the drop in UST yields hasn’t matched the equity market decline.
- [Market Outlook - The Coming Fed Dilemma](/wp-content/uploads/Research/Reports/20250331-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250331-World-Wrap.pdf#new_tab) - - Global equities declined on tariff & trade concerns. In the past 45 years, when U.S. stocks fell this much by this time of year, they were already in a bear market. - There were places to hide last week, with four of 11 sectors advancing. Consumer Staples, a traditional safe-haven sector, climbed 1.7%. - Developed international equities underperformed, though pockets of Europe and Emerging European stocks advanced. - It was another week of all-time highs for gold. Despite a declining stock market, yields on U.S. Treasuries rose after core PCE inflation climbed to 2.8%.
- [Market Outlook - Buying the Dip at Record-High Allocations](/wp-content/uploads/Research/Reports/20250324-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250323-World-Wrap.pdf#new_tab) - - Global stocks rebounded modestly, while commodities outperformed. U.S. Treasury prices also rose. - Sector performance was mixed, with declining sectors outnumbering advancing ones by 7 to 4. Energy, Financials, and Healthcare buoyed cap-weighted indices. - Emerging markets outperformed despite a 1.7% decline in China. A one-week, 6.4% rally in India made the difference. - Gold prices hit new all-time highs after surpassing $3,000 an ounce for the first time.
- [Market Outlook - MRI Improves with Psychology & Valuation](/wp-content/uploads/Research/Reports/20250318-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250317-World-Wrap.pdf#new_tab) - - Global equities declined for the week, while Treasuries and commodities remained flat. - Most sectors, styles, and factors were in the red, except for Energy and Utilities, which finished the week higher. - Internationally, there were pockets of strength, particularly in Latin American and Emerging European stocks. - Gold prices climbed 3%, setting another new all-time high.
- [Market Outlook - Toggling Tariffs re-inverts the yield curve](/wp-content/uploads/Research/Reports/20250310-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250308-World-Wrap.pdf#new_tab) - - Intl equities have opened up a sizable lead over key global asset classes after another strong week. U.S. equities are in the red YTD after falling more than 3%. - While U.S. stocks are down YTD, 9 of 11 sectors remain positive for the year. The decliners - Cons Discretion & Tech - have weighed on highly concentrated indices. - A powerful, broad rally swept across international markets. German stocks climbed more than 6%, reaching a new all-time high. - Trade and tariff policy uncertainty weighed on the U.S. dollar and Treasuries, sending the dollar down 3.5% - its largest one-week drop since 2022.
- [World Wrap](/wp-content/uploads/Research/Reports/20250303-World-Wrap.pdf#new_tab) - - U.S. Treasuries and real estate outperformed, while global equities and commodities declined. - U.S. equities fell, but more sectors gained than lost. Safe havens and inflation-sensitive sectors outperformed. - Emerging markets struggled, with both China and India dropping over 4%. - A strong week for U.S. fixed income, but not for international fixed income. The dollar rose more than 1%.
- [Market Outlook - New Bull Market High for MRI](/wp-content/uploads/Research/Reports/20250303-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250224-World-Wrap.pdf#new_tab) - - It was a flat to up week for all key asset classes, except US Equities, which fell after Walmart issued a sales growth warning. - All style boxes declined, but 5 of 11 sectors climbed in a down week. The traditional safe-havens Healthcare, Staples and Utilities were leaders. - Emerging markets advanced more than 2% last week on a 3.9% jump in China equities. China has started 2025 as one of the world's best performers. - US Treasuries rallied as US stocks sold off, bringing the US Treasury Yield Curve within ten basis points of re-inverting.
- [Market Outlook - Relentless Retail - Leverage the Dip (LTFD)](/wp-content/uploads/Research/Reports/20250223-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - MRI hits 99%. Is it Different This Time?](/wp-content/uploads/Research/Reports/20250217-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250216-World-Wrap.pdf#new_tab) - - Global equities and commodities climbed, and international equities led the performance among asset classes. - Tech and large-cap stocks led all factors, styles, and sectors. Healthcare was the only declining sector - falling on news of RFK Jr becoming the Secretary of HHS. - International stocks started 2025 with a bang, which continued last week. Germany climbed more than 5%, and China rose more than 7%. - The dollar fell 1.2%, falling to new lows for 2025. Commodities rallied, and Gold reached another new all-time high.
- [Market Outlook - Market Risk Index Hits New High as Monetary Conditions Deteriorate](/wp-content/uploads/Research/Reports/20250210-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250209-World-Wrap.pdf#new_tab) - - Split week in equities as US stocks declined while international stocks rallied. Treasuries and Commodities also closed higher. - Large Cap growth stocks finished up for the week - the only style box to do so. But there were more sectors up than down. - Strong performance from Emerging market equities, led by China and Mexico. - Gold prices closed at a record high for the second straight week. Meanwhile, prices for crude oil have fallen more than 12% from their late January high.
- [World Wrap](/wp-content/uploads/Research/Reports/20250203-World-Wrap.pdf#new_tab) - - International Equities and Treasuries finished the week higher, while Commodities and US Equities finished the week lower on DeepSeek and tariff concerns. - Despite a down week for US stocks, five sectors and half the US factors advanced. Large Cap Value also finished the week higher. - International equities outperformed, led by Japan and Latin American stocks. - Gold closed out January at a new all-time high. Meanwhile, oil prices have fallen by nearly 10% since mid-month.
- [Market Outlook - Sentiment Remains Too Sanguine to Expect Tariffs to Stick](/wp-content/uploads/Research/Reports/20250203-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250126-World-Wrap.pdf#new_tab) - - Global equities climbed, while commodities declined. U.S. Treasuries remained unchanged. - Large-cap and growth stocks outperformed, driving markets higher. Energy was the only sector to decline. - Developed markets outperformed, led by a sharp rise in European equities, with France and Germany both gaining over 4%. - Treasury yields held steady, but the U.S. Dollar dropped sharply, marking its largest one-week decline in over a year.
- [Market Outlook - DeepSeek Moment in a Frothy Market](/wp-content/uploads/Research/Reports/20250126-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250121-World-Wrap.pdf#new_tab) - - Broad rally in global financial assets - commodities have jumped ahead in 2025 with a strong performance. - Uniform up week across most sectors, styles, and factors. Healthcare was an exception, as the sector closed lower for the week. - Strong outperformance by emerging markets, driven by a 6% weekly gain in China. - The dollar and US Treasury yields softened last week, easing investor concerns about the persistent increase in yields.
- [Market Outlook - Inaugural Expectations](/wp-content/uploads/Research/Reports/20250119-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20250113-World-Wrap.pdf#new_tab) - - Global equities and fixed income are starting 2025 with a decline, while commodities are up sharply in higher oil prices. - In a mainly down week for sectors, styles, and factors - Energy, Healthcare, and Materials stocks climbed. - International equities outperformed US stocks last week. Still, over 60% of countries have officially entered correction territory. - Commodities have started the year with a strong start - crude oil is up nearly 7% ytd. Treasuries have continued to sell off, and the 30Yr is flirting with 5% yields.
- [Market Outlook - Who's Swimming Naked?](/wp-content/uploads/Research/Reports/20250112-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q4 2024 World Wrap](/wp-content/uploads/Research/Reports/2025_Q4-World-Wrap.pdf#new_tab) - - 2024 was another dominant year for U.S. equities, climbing more than 25%. The average asset class performance, excluding U.S. stocks, was between 6% and 7%. - Diverging outcomes emerged among styles and factors, with most of the spoils favoring growth and large-cap stocks. The cap-weighted S&P 500 outperformed the average stock over the last two years by the widest margin since 1999. - International equities lagged U.S. stocks, failing to generate double-digit returns. Developed markets underperformed U.S. Treasury bills. Argentina was a notable exception, with its stock market doubling due to President Milei's reforms. - Long-term Treasury yields finished the year at their highest levels, defying the typical script for how bonds react to Fed rate cuts. The dollar closed out the year at two-year highs.
- [Market Outlook - Making the Who’s Who List](/wp-content/uploads/Research/Reports/20250105-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241230-World-Wrap.pdf#new_tab) - - Global financial assets rallied during the third quarter, with real estate and international equities leading the way. Commodities declined on lower oil prices. - Q3 was good for unloved areas of the mkt. Small caps and value stocks outperformed. Utilities rallied 19.4% to become 2024's best-performing sector. - Emerging markets outperformed on strength from China. Its equity market climbed almost 24%, with most gains made in the last week of the quarter. - Gold prices bounced 12.9%, continuing a steady pace of new all-time highs throughout the quarter.
- [Market Outlook - Margin Debt Surge](/wp-content/uploads/Research/Reports/20241229-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241223-World-Wrap.pdf#new_tab) - - Fed chairman Powell's more hawkish tone led to broad declines across global equities and fixed income. - There were no safe havens, with all styles, sectors, and factors declining. Small stocks and value stocks suffered the largest declines. - More than 90% of countries declined last week. Israel was an exception, advancing more than 2.5%. Israel is one of the best performing countries in 2024. - Treasuries sold off, sending yields to post-election highs. The US Dollar climbed to a fresh 2-year high.
- [Market Outlook - Bull Market’s packaging marked Fra-Gee-Lay](/wp-content/uploads/Research/Reports/20241222-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241216-World-Wrap.pdf#new_tab) - - Commodities rallied while global equities and fixed income declined. - Large Cap Growth was the only style box that closed the week in the green. Comm Services and Consumer Discretion were the only advancing sectors. - Emerging markets finished the week higher on modest gains from China and India. - Disappointing news from inflation releases sent Treasuries lower, with yields moving back toward November highs.
- [Market Outlook - Smells like Speculation](/wp-content/uploads/Research/Reports/20241215-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241209-World-Wrap.pdf#new_tab) - - Prices for global financial assets were mixed, but international equities outperformed. - US cap-weighted equities advanced, but only 2 of 9 style boxes and 3 of 11 sectors climbed. - Strong week for international equities and the largest one week gain for emerging markets since October. - The price of Bitcoin breached $100k for the first time. Meanwhile, gold has struggled since the election.
- [Market Outlook - Leverage Frenzy Amid Historic Valuations](/wp-content/uploads/Research/Reports/20241208-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241202-World-Wrap.pdf#new_tab) - - Global financial assets rallied, and commodities fell on lower crude oil prices. - Broad rally among styles, sectors, and factors. - Energy stocks were the only holdout, declining for the week. - Emerging markets declined, held back by declines in parts of Asia and Latin America. - Sharp halt to the dollar's recent ascent, as it declined 1.7%, the sharpest weekly decline since its selloff in the summer.
- [Market Outlook - Consumers have never been so bullish.](/wp-content/uploads/Research/Reports/20241201-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - The Week of the $6 Million Banana.](/wp-content/uploads/Research/Reports/20241124-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241125-World-Wrap.pdf#new_tab) - - Global equities and commodities climbed, but US Treasuries were flat. Intl stocks underperformed. - Broad advance among sectors, styles, and factors. Small and Midcap stocks outperformed. - Mixed week internationally, with 25 countries advancing and 20 declining. 25 countries are now in corrections or bear markets. - Commodities rebounded, and Bitcoin is flirting with $100k. The US Dollar hit a two-year high.
- [World Wrap](/wp-content/uploads/Research/Reports/20241117-World-Wrap.pdf#new_tab) - - All key asset classes declined last week as poor inflation data and a more hawkish tone from the Fed weighed on markets. - Energy, Financials, and Utilities were the only advancing sectors. Value stocks climbed as well. - International equities are on the cusp of correction territory with another poor post-election performance week on tariff concerns. - Weakness in Treasuries continued, and the US Dollar climbed to a one-year high.
- [Market Outlook - The bull market's monetary support is weakening.](/wp-content/uploads/Research/Reports/20241117-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241111-World-Wrap.pdf#new_tab) - - Global financial assets rallied, led by a surge in US Equities after the election. - Smaller stocks, growth stocks, and economically sensitive sectors outperformed. - Developed Europe fell 1.8% on the election results, dragging down international indices. - Gold prices fell, and Bitcoin broke out to a new all-time high.
- [Market Outlook - Post-Election Euphoria](/wp-content/uploads/Research/Reports/20241111-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241104-World-Wrap.pdf#new_tab) - - Broad decline among global financial assets last week for both equities and fixed income. - Value stocks, particularly small cap value stocks, were a safe haven, advancing while the market averages declined. - Eighty percent of countries declined last week, but Middle East and Frontier market equities managed to climb. - Treasury yields climbed to the highest level since July - yields are up more than 70 basis points since the Fed cut.
- [Market Outlook - Camping with Buffett](/wp-content/uploads/Research/Reports/20241103-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - Bull Market going as Dot-Com Era for Halloween.](/wp-content/uploads/Research/Reports/20241027-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241027-World-Wrap.pdf#new_tab) - - Global financial assets rallied during the third quarter, with real estate and international equities leading the way. Commodities declined on lower oil prices. - Q3 was good for unloved areas of the mkt. Small caps and value stocks outperformed. Utilities rallied 19.4% to become 2024's best-performing sector. - Emerging markets outperformed on strength from China. Its equity market climbed almost 24%, with most gains made in the last week of the quarter. - Gold prices bounced 12.9%, continuing a steady pace of new all-time highs throughout the quarter.
- [World Wrap](/wp-content/uploads/Research/Reports/20241021-World-Wrap.pdf#new_tab) - - Mixed week for global financial assets. US stocks climbed, while international equities and commodities declined. - 9 of 11 sectors advanced with strong performance from Financials and Utilities. Value stocks outperformed. - No follow through on China's stimulus announcement with China's stock market declining for the second week in a row. - Oil prices fell sharply, and Gold soared to another new all-time high. Silver prices set a new 10 year high.
- [Market Outlook - Mag-Seven looks vulnerable](/wp-content/uploads/Research/Reports/20241020-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241014-World-Wrap.pdf#new_tab) - - US Equities and Commodities climbed - prices on Treasuries and International equities declined. - Sectors were mixed with 6 of 11 advancing, led by Technology and Industrials. Large Growth outperformed. - Emerging markets lagged as China gave up some of its recent explosive gains, declining 7%. - Yields on Treasuries climbed again last week. Treasury yields and Mortgage rates are higher than they were before the Fed cut by 50 basis points.
- [Market Outlook - “Dumb Money” takes US Equity Futures Exposure to New Record.](/wp-content/uploads/Research/Reports/20241007-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20241007-World-Wrap.pdf#new_tab) - - Commodities rallied - US Stocks advanced modestly - and International stocks and prices on US Treasuries declined. - Mixed week for sectors and styles with 6 of 11 sectors advancing. Energy stocks shot higher, climbing 7%. - More than 3 out of 4 countries declined last week, but emerging markets managed a positive week with help from a 11.5% rally in China. - Stronger than expected jobs report sent Treasury yields higher, tempering expectations for additional rate cuts.
- [Q3 2024 World Wrap](/wp-content/uploads/Research/Reports/2024_Q3-World-Wrap.pdf#new_tab) - - Global financial assets rallied during the third quarter, with real estate and international equities leading the way. Commodities declined on lower oil prices. - Q3 was good for unloved areas of the mkt. Small caps and value stocks outperformed. Utilities rallied 19.4% to become 2024's best-performing sector. - Emerging markets outperformed on strength from China. Its equity market climbed almost 24%, with most gains made in the last week of the quarter. - Gold prices bounced 12.9%, continuing a steady pace of new all-time highs throughout the quarter.
- [Market Outlook - We see those nickels...and a steamroller.](/wp-content/uploads/Research/Reports/20240929-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240923-World-Wrap.pdf#new_tab) - - A 50bp rate cut from the Fed drove global equities and commodities higher, but Treasuries and real estate declined. The Dow S&P 500 set new all-time highs. - Eight of eleven sectors advanced - Healthcare, Staples, and Real Estate sectors declined. - Emerging markets outperformed on a sharp rebound in Chinese equities. - Gold prices climbed to another new all-time high. Bitcoin rallied but fell shy of breaking above its August high.
- [Market Outlook - Soft-Landing, Mission Accomplished?](/wp-content/uploads/Research/Reports/20240922-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240916-World-Wrap.pdf#new_tab) - - Broad rally among all major asset classes - fixed income, equites, and commodities. - NVDA rebound drove Tech sector higher by more than 7%. Energy was the only sector to decline this week. - Emerging markets underperformed as weakness in China has weighed on the indices for all of Q3. - Federal Reserve is set to reduce interest rates this week - markets are torn between a 25bps and 50bps cut. Gold made a new all time high.
- [Market Outlook - Can Soft-Landing Optimism Hold?](/wp-content/uploads/Research/Reports/20240915-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240909-World-Wrap.pdf#new_tab) - - Global equities declined, and US Treasuries were up. US Equities and Commodities were down more than 4% last week. - Consumer Staples and Real Estate sectors were safe havens - the only two sectors to advance. - Foreign equities declined, but US stocks took the brunt of the selling last week. Forty countries outperformed US equities. - Crude oil fell below $70/bbl, and Bitcoin is on the cusp of another lower low in a downtrend that has formed since its March peak.
- [Market Outlook - Bull Market Enters its Doubting Buffett stage](/wp-content/uploads/Research/Reports/20240908-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240903-World-Wrap.pdf#new_tab) - - Global equities climbed modestly, while Treasuries and Commodities declined. - Sector performance was mixed and uneven. Large Cap Value stocks outperformed. - Emerging markets declined, weighed down by falling prices in China and Brazil. - Prices on fixed income fell broadly, and the dollar rebounded. Oil fell 5%, and Bitcoin fell 7%.
- [Market Outlook - Complacency Prevails](/wp-content/uploads/Research/Reports/20240901-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240826-World-Wrap.pdf#new_tab) - - All key asset classes advanced, led by Real Estate and International Equities. - Broad rally among sectors, styles, and factors with Value stocks and Small Cap stocks leading the way. - Emerging markets underperformed on poor performance from China, Mexico, and Taiwan. - The US Dollar fell by nearly 2% to one year lows on dovish remarks from Fed chairman Powell.
- [Market Outlook - Powell’s Permanently High Plateau](/wp-content/uploads/Research/Reports/20240825-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240819-World-Wrap.pdf#new_tab) - - Global equities rebounded sharply last week - Commodities were flat. - The advance was broad with all sectors and style boxes climbing, but Tech and Large Cap Growth were the best performers. - 43 of 45 countries advanced - stocks in Japan were up 7.3%. - Gold prices climbed more than 2% as the yellow metal set another new all-time high.
- [Market Outlook - Mr. Market versus Mr. Buffett](/wp-content/uploads/Research/Reports/20240817-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240812-World-Wrap.pdf#new_tab) - - Despite a volatile week, global equities ended the week right where they started. Prices on US Treasuries fell, and commodities rallied. - Large Cap Growth carried the weight of the cap-weighted indices, as eight of nine style boxes declined. - Strength in China, Taiwan, and Brazil helped emerging markets move higher and outperform. - For the second time this summer, crude oil prices found support in the $74-75 range and rebounded.
- [Market Outlook - No Blood in the Streets](/wp-content/uploads/Research/Reports/20240810-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240805-World-Wrap.pdf#new_tab) - - Unexpected rise in Unemployment to 4.3% led to another down week for global stocks and commodities, while Treasuries and Real Estate were safe havens. - Sector returns were mixed with 5 of 11 sectors advancing in a down week, as capital rotated to the "flight to safety" sectors. - European equities gave up their prior week's outperformance and dragged down international equity indices. - Increase in the Unemployment rate caused the Sahm rule to trigger a recession warning. Treasuries rallied - the yield on the 10Yr fell below 4% for the first time since February.
- [Market Outlook - The Sahm Rule Says a Recession is Underway](/wp-content/uploads/Research/Reports/20240803-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240729-World-Wrap.pdf#new_tab) - - Global equities and commodities declined - Real Estate and Treasuries advanced modestly for the week. - Weakness in cap-weighted indices was largely confined to Large Cap Growth and Tech. 7 of 9 style boxes and 7 of 11 sectors saw higher prices. - Despite declines in broad foreign indices, European equities rebounded last week. - High yield fixed income rallied, causing high yield spreads to sink to the lowest level since December 2021.
- [Market Outlook - The Best Stock Market Indicator You've Never Heard Of](/wp-content/uploads/Research/Reports/20240727-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240722-World-Wrap.pdf#new_tab) - - Global equities and fixed income declined, while Real Estate rallied. - Large Growth and Tech stocks fell sharply. Value stocks and small caps had another strong week. - European stocks underperformed, weighing on international equity indices. - Broad decline across all commodity sectors. Bitcoin, range bound since March, rallied more than 16% from July's lower low.
- [Market Outlook - Record Speculation in Leveraged ETFs](/wp-content/uploads/Research/Reports/20240720-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240715-World-Wrap.pdf#new_tab) - - International Equities and Real Estate were the best performing key global asset classes. Real Estate is positive year-to-date for the first time in 2024. - Sharp one-week rotation out of Large Cap Growth in favor of unloved sectors and style boxes. - International equities rallied broadly for the second week in a row, with 40 of 45 countries advancing. - The Consumer Price Index fell month over month for the first time since the COVID pandemic began, leading mkts to speculate the odds of a Fed rate cut are growing.
- [World Wrap](/wp-content/uploads/Research/Reports/20240707-World-Wrap.pdf#new_tab) - - Global equities finished the week higher. US Treasuries were flat. Tech and Large Cap Growth drove US Equity gains. - One of the narrowest stock market weeks in memory. Seven of nine style boxes declined - there was a 5% one-wk gap between Large Growth and Small Value perf. - Broad rally for international equities across developed and emerging markets with 40 of 45 countries advancing. - Commodities advanced, and crude oil climbed back above $85 a barrel. The dollar declined.
- [Market Outlook - Record Divergence in US Equity Futures Positioning](/wp-content/uploads/Research/Reports/20240706-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q2 2024 World Wrap](/wp-content/uploads/Research/Reports/2024_Q2-World-Wrap.pdf#new_tab) - - US Equities led all major assets classes in Q2 2024. Momentum in big cap Tech stocks drove US Equity performance in Q2. - Small Caps finished the first 6mos of 2024 in the red. This is the widest first six months outperformance of Large Caps versus Small Caps in at least 50 years. - Emerging markets rebounded in Q2 with strong outperformance, led by Asia and Emerging European countries. - Lumber futures fell more than 20% during the quarter. Yields on Treasuries rose, driving corporate bond spreads to the lowest since 2007.
- [Market Outlook - Equity Market Halitosis – stocks have stinky breadth.](/wp-content/uploads/Research/Reports/20240628-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240616-World-Wrap.pdf#new_tab) - - US Equities, Treasuries, and Commodities climbed, while International equities sold off. - Another extremely narrow, Tech-driven market advance. Only 2 of 9 style boxes and 4 of 11 sectors advanced. - Developed Europe dragged down international equities. Emerging markets climbed on strength in India and Taiwan. - The yield on the 10-year Treasury fell to 4.2%, the second lower low since April.
- [World Wrap](/wp-content/uploads/Research/Reports/20240624-World-Wrap.pdf#new_tab) - - Global equities and commodities advanced, while Treasuries and interest rate sensitive sectors declined. - Large cap stocks underperformed on declines in Technology stocks. - Emerging markets outperformed despite falling equity prices in China and India. - Higher oil prices drove broad commodity indices higher. Agriculture and metals commodity sectors were down.
- [Market Outlook - Overweight in a Narrow Market](/wp-content/uploads/Research/Reports/20240615-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240603-World-Wrap.pdf#new_tab) - - Prices on Global equities and US Treasuries climbed, while commodities sold off. - A narrow bifurcated stock market rally last week - only 2 of 9 style boxes and 5 of 11 sectors advanced. - Emerging markets rebounded on strength in Asia. Mexico fell more than 11% after their election was perceived to give the Morena party too much power. - All key commodity sectors declined. Gold prices fell on news that China's central bank pausing gold purchases.
- [Market Outlook - Is MZM Growth signaling the end of the Covid-Stimulus spend down?](/wp-content/uploads/Research/Reports/20240607-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240603-World-Wrap.pdf#new_tab) - - Global equities declined, and Treasuries were flat for the week. - While cap-weighted US Equities declined on Large Cap Growth weakness, 6 of 9 style boxes and 6 of 11 sectors advanced. - Emerging markets were off more than 3% for the worst one week slide since April. - Broad declines in commodities across every major commodity sector last week.
- [Market Outlook - Buy stocks, rinse, repeat.](/wp-content/uploads/Research/Reports/20240530-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240528-World-Wrap.pdf#new_tab) - - US Equities were unchanged, while all other key global asset classes declined. - Nvidia sucked the air out of the room last week. Large Cap Growth and Tech were the only style and sector to advance. - Emerging markets suffered their first down week in a month - ending a powerful run. China pulled back more than 4%. - Metals and Energy pulled back. Gold was off more than 4%, while the dollar was flat.
- [Market Outlook - Markets in Speculative, Trend Extrapolating Feedback Loop](/wp-content/uploads/Research/Reports/20240521-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240520-World-Wrap.pdf#new_tab) - - Broad rally among financial assets globally with Commodities leading the way. - All style boxes advanced led by Large Growth and Technology stocks. Widely followed US indices made new all-time highs, but only 2 of 9 style boxes did the same. - Emerging markets outperformed. China was up 4.3% and has climbed more than 18% over the last month. - The dollar declined, while Energy and Metals prices surged - natural gas futures were up more than 12%.
- [World Wrap](/wp-content/uploads/Research/Reports/20240513-World-Wrap.pdf#new_tab) - - Global equities rallied, led by US stocks. Prices on US Treasuries were flat. - Broad move higher in stock prices as all sectors, factors, and style boxes advanced. - Developed markets outperformed as Germany climbed more than 4%. Germany was the second best performing country in the world last week. - Precious metals outperformed all commodity sectors, as Gold and Silver prices appear poised to test their highs.
- [Market Outlook - Stock Market Welfare](/wp-content/uploads/Research/Reports/20240512-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240505-World-Wrap.pdf#new_tab) - - Global stocks and bonds advanced, led by international equities. Commodities declined. - Sectors and factors were mixed with half the factors that we track advancing, and six of 10 key sectors moving higher. - Emerging Markets outperformed on the back of another robust weekly performance from Asian stocks. - All broad commodity sectors slid with Energy prices faring worst. Crude oil futures fell nearly seven percent.
- [Market Outlook - We only swing at pitches we like.](/wp-content/uploads/Research/Reports/20240505-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240429-World-Wrap.pdf#new_tab) - - Global equities snapped back with a rebound rally, while prices on US Treasuries fell. - Tech and Large Cap Growth had strong performance. It's still a narrow bull - the S&P 500 is outperforming all but 2 of 9 style boxes. - Impressive move out of Asia - China and Hong Kong were up 8.2 and 9.5% for the week. - Yields on the US 10Yr Treasury climbed as high as 4.7%, levels not seen since last November.
- [Market Outlook - M2 Growth Turns Positive](/wp-content/uploads/Research/Reports/20240428-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240422-World-Wrap.pdf#new_tab) - - All major asset classes fell with US Equities and Real Estate again being the worst performers. - Financials, Staples, and Utilities climbed. Meanwhile, the Tech's behavior as a safe-haven the week prior proved short lived. The Tech sector slid more than 7%. - Thirty-nine of the 45 countries we track declined. The Asia region was hardest hit. - Gold climbed, and Copper surged to a 52 week high. Global Fixed Income and Bitcoin struggled.
- [Market Outlook - Oversold Stock Market is not much of a concern to investors.](/wp-content/uploads/Research/Reports/20240420-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240414-World-Wrap.pdf#new_tab) - - Prices on all key global asset classes fell during the week. US Stocks and Real Estate were hardest hit. - All sectors, styles, and factors declined. Large Cap Growth, driven by Tech stock performance, fared best. - Emerging markets held up well in a down week - led by India, China, and Taiwan. - Gold shot to another new all time high, and the US dollar was up a whopping 1.7% - surging to the highest level since November.
- [Market Outlook - Stimulus by Wealth Effect](/wp-content/uploads/Research/Reports/20240412-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240408-World-Wrap.pdf#new_tab) - - Commodities rallied, but they were the exception. Global equites and fixed income declined. - Momentum and Energy stocks were a safe haven in week where declines were pervasive. - Emerging markets climbed on strength in China, India, and Mexico. - Gold spiked to another all-time high, and Oil prices climbed above $87 per barrel.
- [Market Outlook - Bullishness among newsletter writers is pervasive](/wp-content/uploads/Research/Reports/20240406-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q1 2024 World Wrap](/wp-content/uploads/Research/Reports/2024_Q1-World-Wrap.pdf#new_tab) - - Commodities and US Equities are running neck and neck for best performing asset class in 2024. - Momentum led other factors by a long shot in Q1 2024. Small caps continue to struggle, and Energy stocks are outpacing Tech stocks. - Intl equities are up, but lagging. China declined, but avoided a new low. Should China's poor performance persist, it will be the 4th straight yr of declines. - Mostly declines in global fixed income for the quarter. US High Yield and Treasury bills are the only two sectors with positive returns ytd.
- [Market Outlook - Record Divergence in US Equity Futures Sentiment](/wp-content/uploads/Research/Reports/20240330-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240325-World-Wrap.pdf#new_tab) - - Global equities rallied, led by US stocks. Commodities declined. - Broad rally among styles, factors, and sectors. Momentum and Growth were the biggest winners. - Two out of every three countries we follow advanced, but emerging markets lagged on declines in Chinese equities. - The US Dollar and prices on US Treasuries finished the week higher on a dovish sounding Fed.
- [Market Outlook - Three Fed Cuts in the Bush are Worth One in the Hand.](/wp-content/uploads/Research/Reports/20240324-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240318-World-Wrap.pdf#new_tab) - - Commodities rallied, while Global stocks and bonds declined. - In a down week, 5 of 11 sectors managed to advance, led by a 3.8% advance in Energy stocks. - Emerging markets were flat, buoyed by a 3.3% move higher in China. - Both Crude oil and 2Yr Treasury yields climbed to higher highs last week, in a clear sign that inflation concerns are coming to the forefront again.
- [Market Outlook - Welcome back to the Casino](/wp-content/uploads/Research/Reports/20240316-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240311-World-Wrap.pdf#new_tab) - - US Equities and Commodities declined, while International stocks and US Treasuries rallied. - Mid-cap stocks outperformed as did interest rate sensitive sectors. Utilities performed better than all sectors, styles, and factors. - Fairly broad rally internationally, with nearly 3 of 4 countries participating. China was an exception, declining more than US stocks. - Both Gold and Bitcoin made new all-time highs in the same week.
- [Market Outlook - Third longest yield curve inversion since 1920.](/wp-content/uploads/Research/Reports/20240309-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240304-World-Wrap.pdf#new_tab) - - All major asset classes saw higher prices, but commodities were the biggest winner. - Classic risk-on week when it came to sectors - with Healthcare, Staples, and Utlities declining while all other sectors advanced. - Developed markets kept international equity indices in the green, as more than 60% of countries declined during the week. - A barrel of Crude Oil crossed back above $80 for the first time since November. Oil prices are up more than 12% ytd.
- [Market Outlook - It’s Okay to be a Pig.](/wp-content/uploads/Research/Reports/20240303-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240226-World-Wrap.pdf#new_tab) - - Nice gains for global equities, modest gains for Global Fixed Income, and losses for Commodities last week. - All sectors and factors advanced, but small cap stocks struggled. Every small cap style box declined. - 34 of 45 countries that we follow advanced. China's equity market has had strong performance two weeks in a row. - REITs are struggling across the board. They lagged this week despite a rally in bonds. They are the worst performing key asset class year-to-date.
- [Market Outlook - Nvidia gets hailed, and the Conference Board bails.](/wp-content/uploads/Research/Reports/20240224-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240218-World-Wrap.pdf#new_tab) - - Mixed performance from key asset classes. International stocks bounced, while US stocks were the worst performing asset class. - US equities down week was concentrated in Tech and Large Caps. Seven of nine style boxes were up, as were seven of the 11 sectors. - Broad advance in international markets with 80% of countries advancing. China rallied 3.7%. - Stronger than expected inflation sent prices on US Treasuries lower. The yield on the 2Yr Treasury has climbed 50 basis points in the last month to 4.6%.
- [Market Outlook - Stretched Valuations](/wp-content/uploads/Research/Reports/20240217-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240212-World-Wrap.pdf#new_tab) - - US Equities and Commodities rallied. They are also the only two major asset classes with positive year-to-date returns. - All style boxes advanced, but smaller cap stocks and value stocks underperformed. Growth and Tech outperformed. - International equities were flat, with slightly more than half of countries advancing. More than 60% of countries are down year-to-date. - US Treasuries declined, and breakevens on US TIPS are starting to signal a rebound in the rate of inflation.
- [Market Outlook - It’s Officially a Split Market](/wp-content/uploads/Research/Reports/20240211-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240205-World-Wrap.pdf#new_tab) - - Prices on US Equities and Treasuries advanced. Foreign equities were flat, and commodities declined. - The further up the Capitalization and Growth scales, the better the stock did. The smaller and cheaper, the worse stocks fared. - China declined nearly 4%. China's stock market is roughly half the value it was nearly 17 years ago, when the globalization era peaked. - Sharp weekly drop in crude oil prices hurt Commodity indices. US Treasuries and the Dollar rallied.
- [Market Outlook - Asset Managers Are Record Long](/wp-content/uploads/Research/Reports/20240203-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240128-World-Wrap.pdf#new_tab) - - International stocks bounced, and commodities rallied on a sharp move up in crude oil prices. - Energy and Financials were the best-performing sectors, lifting value indices along with them. - France, Germany, and the UK rallied strongly, helping developed markets outperform. - Commodities had a good week - spot prices in crude oil popped by more than 5% over the week.
- [Market Outlook - Is it time to bail on the yield curve?](/wp-content/uploads/Research/Reports/20240128-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - Lonely at the Top](/wp-content/uploads/Research/Reports/20240121-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240121-World-Wrap.pdf#new_tab) - - US stocks rallied while fixed income, real estate, and international equities declined. The S&P 500 closed the week at a new all time high. - Large Cap Growth stocks had a strong week, which came at the expense of value stocks. Only five of 11 sectors advanced. - China declined almost 6% on the week, putting it less than 5% away from taking out its 2022 bear market low. - US Treasuries sold off, and the 10 Year yield has climbed back above 4%. As yields have risen, so has the value of the US Dollar.
- [World Wrap](/wp-content/uploads/Research/Reports/20240116-World-Wrap.pdf#new_tab) - - Cap-weighted US Equity indices rebounded to recover losses from the first week of January. - Rally in US stocks was narrow, centered around big tech. 7 of 11 sectors declined. - Emerging markets declined. China's equity market continues to struggle - China is only 11% above its 2022 bear market low. - Sell the news - Bitcoin sold off on ETF launch after months of excitement and anticipation.
- [Market Outlook - Keep Your Pants On](/wp-content/uploads/Research/Reports/20240113-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20240108-World-Wrap.pdf#new_tab) - - Commodities rallied on an oil price rebound, and global stocks and bonds started the first week of 2024 with declines. - Last year’s worst performing sectors, Energy and Utilities, advanced, while last year's biggest winner (Tech stocks) fell by 4%. - Frontier markets with heavy commodity exposure started the year with strong rallies. - Natural gas and oil were strong, and the dollar rebounded, up more than 1% for the week.
- [Market Outlook - Asset Managers' exposure to US equity futures hits a record high.](/wp-content/uploads/Research/Reports/20240106-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q4 2023 World Wrap](/wp-content/uploads/Research/Reports/2023_Q4-World-Wrap.pdf#new_tab) - - US Equities outperformed global assets by a wide margin in 2023. Performance was big-cap driven, with the S&P 500 beating the median stock by the most since 1999. - Sector, style, and factor performance was widely divergent - large cap tech was 2023's biggest winner. Tech outperformed Utilities by the most since 1999. - Emerging markets lagged developed markets, driven by weakness in China. China was the 3rd worst performing country in 2023 and has declined three years in a row. - Global fixed income finished the year with respectable returns, with all of the gains coming in Q4. In a sign that animal spirits have returned, Bitcoin closed the year up 150%.
- [Market Outlook - Euphoric End to 2023](/wp-content/uploads/Research/Reports/20231230-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231226-World-Wrap.pdf#new_tab) - - Global equities were up modestly, and commodities rebounded. US Treasuries and Real Estate were flat. - Small cap stocks continued their streak of weekly outperformance. Utilities were the only sectors to decline. - Emerging markets closed lower on a 4% decline in China, making China is the second worst performing country in 2023. - Gold prices closed the week at another new all-time high.
- [World Wrap](/wp-content/uploads/Research/Reports/20231218-World-Wrap.pdf#new_tab) - - A broad, global rally among all asset classes last week on Fed signaling possibility of three rate cuts in 2024. - Small cap stocks are playing major catch up to finish the year. Small Cap value outperformed all sectors, styles, and factors. - Peru's stock market climbed a whopping 17.6% last week. - Broad rally among fixed income sectors. The US dollar fell to the lowest level since late July.
- [Market Outlook - Stock Market Rally Broadens](/wp-content/uploads/Research/Reports/20231216-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231211-World-Wrap.pdf#new_tab) - - Stocks and bonds were flat, and commodities experienced a broad decline. - Sectors were mixed, but small cap stocks were strong across the board, rallying more than 1%. - China fell more than 3.5% setting a new 52 week low. This coming February will mark three years since the bull market peak in China. - Crude oil is down more than 25% off its September peak, falling below $70bbl last week.
- [Market Outlook - Market Risk Index climbs above 80%](/wp-content/uploads/Research/Reports/20231209-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231204-World-Wrap.pdf#new_tab) - - Bonds outperformed stocks last week, and commodities declined on falling oil prices. - Interest rate sensitive sectors and factors outperformed - big bounce in small cap stocks. - The median country outperformed the cap-weighted international indices. China held back emerging market indices. - Broad rally across fixed income sectors, and the price of Gold set a new all time high.
- [Market Outlook - Front-Running the Cowbell](/wp-content/uploads/Research/Reports/20231202-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231126-World-Wrap.pdf#new_tab) - - Global stocks advanced on the shortened holiday week. Commodities were off modestly on another weekly decline in crude oil prices. - All sectors, styles, and factors moved higher. Unlike the prior week, small caps and value stocks lagged. - Developed markets outperformed. China was up 1.3%, helping mask a challenging week for Emerging market equities. - Precious Metals and Bitcoin experienced good performance. Prices on longer duration Treasuries were off slightly.
- [World Wrap](/wp-content/uploads/Research/Reports/20231120-World-Wrap.pdf#new_tab) - - Global stocks and bonds were up across the board. Commodities were mixed - gains in metals offset falling crude oil. - Broad based rally among sectors, styles, and factors. Value stocks and small cap stocks were outperformers. - Both developed and emerging markets outperformed US stocks last week. 41 of 45 countries we track rallied. - The dollar sold off, and precious metals rallied alongside prices in US Treasuries.
- [Market Outlook - Market Risk Index jumps higher](/wp-content/uploads/Research/Reports/20231118-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231113-World-Wrap.pdf#new_tab) - - Global stocks and fixed income were mixed for the week. Commodity prices declined. - Large Cap, particularly Large Cap Growth, was the only row in the style box to advance, driven by the strength of Tech stocks. - Develop markets fell, but Emerging markets were flat on strength in India, Taiwan, and Brazil - Bitcoin climbed more than 7%, and crude oil prices have fallen to the lowest level since July.
- [Market Outlook - Breadth Thrust Sways Sentiment](/wp-content/uploads/Research/Reports/20231111-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231106-World-Wrap.pdf#new_tab) - - Global financial assets rebounded sharply during the first week of November. Commodities sold off on lower oil prices. - A sea of green - every style, factor and sector climbed. Small cap value was the biggest winner, rallying almost 9%. - Internationally, 43 of 44 countries that we monitor advanced. Mexico is having a good year - up 9.3% last week and up more than 21% year-to-date. - Yields fell globally after Powell's press conference and a weaker than expected jobs report as markets again bet that the Fed is done.
- [Market Outlook - We’re all contrarians now.](/wp-content/uploads/Research/Reports/20231104-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231030-World-Wrap.pdf#new_tab) - - A more traditional risk off week as global stocks and commodities declined while yields on global fixed income fell. - Utilities was the only sector to move higher. Large Growth was the biggest style box underperformer. - Emerging markets outperformed Developed markets with declines being mitigated by a 2.5% rebound in Chinese equities. - Bitcoin rallied 14% amid continued speculation surrounding a possible Bitcoin spot ETF.
- [Market Outlook - Volatility, tighter money, and a break from euphoria.](/wp-content/uploads/Research/Reports/20231028-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231023-World-Wrap.pdf#new_tab) - - A stagflationary performance week with Global stocks and bonds selling off, and Commodities rallying. - Energy and Consumer Staples were the only safe havens. Five of nine style boxes closed out the week in red for the year. - China sank to new bear market lows in US dollar terms. The country's bear market is four months away from its third birthday. - Yields on 10Yr Treasuries climbed to new highs, stopping just shy of 5%. It's the highest level since the summer of 2007.
- [Market Outlook - Patience has a fat yield](/wp-content/uploads/Research/Reports/20231021-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231016-World-Wrap.pdf#new_tab) - - All key asset classes advanced. Commodities were the biggest winner on a sharp rebound in oil prices. - Not a broad rally across factors. Mid and Small Caps declined. Energy and Utilities saw the largest gains. - International equities rallied. Israel's equity market declined 8.8% after the Hamas attack. - Fixed income markets advanced, and yields fell. Gold prices also rebounded by more than 5%.
- [Market Outlook - Colicky Bull Market Turns One](/wp-content/uploads/Research/Reports/20231014-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20231009-World-Wrap.pdf#new_tab) - - US Equities managed a small advance in a week where all other major asset classes declined. - Large Cap and Large Cap growth were the only styles to move higher, driven by a bounce in Technology stocks. - Fairly broad declines across international markets with only seven of 44 countries we track moving higher, including the United States. - Yield Curve is beginning to steepen, but it's coming from the long end of the curve. 30Yr Treasury yields are approaching 5% for the first time since 2007.
- [Market Outlook - Bond Vigilantes attempt to make the Fed Model relevant again.](/wp-content/uploads/Research/Reports/20231007-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q3 2023 World Wrap](/wp-content/uploads/Research/Reports/2023_Q3-World-Wrap.pdf#new_tab) - - Commodities were the only asset class winner for Q3, riding a move by crude oil to $90 a barrel. All other major asset classes declined. - Small cap value stocks are down year-to-date. They are lagging Large Cap Growth stocks by the most amount since the Covid and Internet bubbles. - Emerging markets finished the quarter 2.5% lower, just holding on to a positive 2.2% year-to-date return. - Fixed income struggled as Treasury yields broke to 10 year highs. Crude oil futures were up more than 30% in Q3.
- [Market Outlook - Investing TIPS](/wp-content/uploads/Research/Reports/20230930-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230925-World-Wrap.pdf#new_tab) - - Federal Reserve meeting week was a tough one for global financial assets - all major asset classes finished the week in the red. - All factors, styles and sectors closed the week lower. Small cap value returns for 2023 have turned negative. - Emerging and developed market equities declined. Thirteen of 44 countries are down year-to-date after last week's stock market weakness. - The dollar was up, as were bond yields. The yield on the 10 Yr. Treasury Inflation Protected Securities climbed above 2% for the first time since 2009.
- [Market Outlook - Yield Curve Inversion Birthday approaching](/wp-content/uploads/Research/Reports/20230922-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230918-World-Wrap.pdf#new_tab) - - Commodities and International equities rallied while US stocks and Treasuries closed down for the week. - Tech stocks were the drag on broad cap-weighted US indices, as 8 of 11 sectors actually had positive performance. - Strong performance from Japan and Latin America boosted international indices. - Crude oil closed the week above $90 a barrel for the first time in 10 months. Treasury yields are testing bear market highs.
- [Market Outlook - Buybacks dwindle - right on cue.](/wp-content/uploads/Research/Reports/20230915-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230911-World-Wrap.pdf#new_tab) - - Commodities climbed, rather oil prices climbed, while global equities and fixed income declined. - Utilities and Energy stocks were a safe haven in a down week - the only two sectors with gains. Small Cap Value stocks declined 4.7% - Emerging Europe and Latin America were particularly hard hit in last week's global equity decline. - Oil prices climbed above $87.50 a barrel for the first time since November 2022.
- [Market Outlook - Psychology moves out of the worst decile of readings](/wp-content/uploads/Research/Reports/20230909-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230905-World-Wrap.pdf#new_tab) - - Global financial assets rallied broadly during the last week of August. - Only Utilities, Staples, and Healthcare didn't participate in the stock market advance, the traditional risk-off sectors. - Strength in Asian stocks, including China and Japan, drove international indices higher. - Crude oil climbed nearly 7% to more than $85 per barrel, the highest price since November last year.
- [Market Outlook - Benny Button Jr.](/wp-content/uploads/Research/Reports/20230901-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230828-World-Wrap.pdf#new_tab) - - US Equities rebounded on a narrow rally. Commodity prices also moved higher. - Tech and Consumer Discretion stocks drove broad indices higher. Average sector performance beyond those two was 0.0% for the week. - A rally in Latin American stocks pushed emerging market indices higher. Developed markets declined slightly. - Precious metals and the US dollar rallied. US Dollar rally stopped just short of making its first higher high of 2023.
- [Market Outlook - Only Speculators can be bagholders](/wp-content/uploads/Research/Reports/20230825-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230821-World-Wrap.pdf#new_tab) - - No asset class was spared last week - with every key asset class registering declines. - All sectors, styles, and factors went lower. Tech stocks fared the best. - International equity declines were broad with equity markets declining in 42 of 44 countries. - Sell-off in Treasuries pushed yields on the 30Y Treasury to 12-year highs. Mortgage rates climbed to 20-year highs.
- [Market Outlook - Correction starting to influence Psychology](/wp-content/uploads/Research/Reports/20230819-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230814-World-Wrap.pdf#new_tab) - - Another down week for global equities and fixed income and an up week for Commodities. - Sharp bounce from Energy stocks. In three short weeks, Energy has gone from being the worst-performing sector YTD to the middle of the pack. - China continues to struggle - down 3.7% - continuing to weigh on Emerging market indices. - The US Dollar was up sharply. The dollar bottomed when the NASDAQ peaked in July and has climbed in lockstep with the weakness of Tech stocks ever since.
- [Market Outlook - Banks Continue to Tighten Their Belts](/wp-content/uploads/Research/Reports/20230812-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230807-World-Wrap.pdf#new_tab) - - Global equities closed the week more than 2% lower. Higher oil prices drove Commodity indices higher. - Energy was the only advancing sector. Tech stocks and Utilities were off by more than 4% for the week. - Stock market decline was broad globally, dragging down 38 of 44 countries. - Fitch downgrade of US Credit rating sent Treasury yields to their highest levels of 2023 and within 10 basis points of the Oct 2022 peak.
- [Market Outlook - No More Fish in the Barrel](/wp-content/uploads/Research/Reports/20230804-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230731-World-Wrap.pdf#new_tab) - - Global equities and Commodities climbed, while Fixed Income and interest rate-sensitive assets declined. - Seven of 11 sectors advanced. Large Growth outperformed, but Value was better for Small and Mid-Cap stocks. - Emerging markets outperformed, driven by a 6.8% one week increase in China equities. - The Federal Reserve increased the Fed Funds Rate to 5.5% - the highest level since February 2001.
- [Market Outlook - Peak Confidence in a Soft-Landing](/wp-content/uploads/Research/Reports/20230728-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230724-World-Wrap.pdf#new_tab) - - Another strong week for commodities and a mixed week for global equities and fixed income. - A week of sector rotation - 2023's best performers were down 1.8%, while the remaining sectors climbed 1.9%. - Emerging markets slid - led by a 2.7% drop in China's equity market. - Is inflation re-accelerating? Broad commodity indices made their first higher high since the bear market started.
- [World Wrap](/wp-content/uploads/Research/Reports/20230717-World-Wrap.pdf#new_tab) - - Global financial assets rallied across the board last week over enthusiasm from better than expected CPI data. - All sectors, styles, and factors advanced. Small Cap stocks had a slight edge over big cap stocks last week. - International equities outperformed with 42 of 44 countries moving higher. - The US Dollar fell sharply setting a new 52 week low, and commodity prices climbed.
- [Market Outlook - Chasing Leverage](/wp-content/uploads/Research/Reports/20230714-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230710-World-Wrap.pdf#new_tab) - - Global Equities and US Treasuries declined, and Commodities advanced on a rebound in crude oil futures. - Six-month performance spread between the S&P 500 and the Dow is the second widest on record - all-time record was set in March 2000. - China has fallen back into a bear market - speculation increasing about potential stimulus. - Unemployment rate dropped to 3.6% - keeping pressure on the Fed to raise rates this month.
- [Market Outlook - Another Case of the FOMOs](/wp-content/uploads/Research/Reports/20230707-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q2 2023 World Wrap](/wp-content/uploads/Research/Reports/2023_Q2-World-Wrap.pdf#new_tab) - - Q2 performance was muted for all asset classes except US Equities. US Equities boomed, carried on the shoulders of Large Cap Tech stocks. - Incredibly narrow performance for a bull market this young. The bottom seven performing sectors are up only 1.0% on average. - The second quarter crushed the China re-opening narrative. Their stock market fell almost 10%, now down more than 5% year-to-date. - Spread between Corporate Bond Yields and US Treasury Bills finished the quarter at the lowest level since 1981.
- [Market Outlook - Record Gap between GDP and GDI Growth](/wp-content/uploads/Research/Reports/20230630-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230626-World-Wrap.pdf#new_tab) - - Complete reversal of the action from the prior week - Global equities and commodities declined, while Treasuries and the Dollar rallied. - Sharpest one week drop for stocks since March. Ten of 11 sectors closed lower - Healthcare stocks advanced. - Short-lived return to positive year-to-date returns for China - Chinese equities fell 6.7% last week. - Bitcoin rallied 17%, making a new 52 week high in the process.
- [Market Outlook - Cash isn't Trash Anymore](/wp-content/uploads/Research/Reports/20230623-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230620-World-Wrap.pdf#new_tab) - - Global equities and Commodities rallied, while prices on US Treasuries and the Dollar declined. - Last week's stock rally was broad - all sectors, styles and factors moved higher. - China's re-opening narrative has been a dud, but their stock market managed to cross into positive return territory for 2023 after a one week increase of 3.6%. - Crude oil futures advanced by 7% in a week where all key commodities climbed.
- [Market Outlook - Smells like Animal Spirits](/wp-content/uploads/Research/Reports/20230616-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230612-World-Wrap.pdf#new_tab) - - Global equities climbed modestly - fixed income and commodities were flat. S&P 500 hit the 20% rally threshold some use to define ends of bear markets. - The most beaten up styles and sectors followed up with a second week of outperformance, which came at the expense of a decline in Large Cap Tech stocks. - A 2.25% rally in Japanese equities helped push its year to date return above the US equity market. - US Initial Jobless claims shot up to 261K, an 18 month high. Yield Curve Inversion is close to entering its ninth month.
- [Market Outlook - The Thumb-Nosing Bull Market](/wp-content/uploads/Research/Reports/20230609-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230605-World-Wrap.pdf#new_tab) - - Global financial assets rallied across the board last week. Commodities were flat on a drop in oil prices. - All sectors, styles and factors advanced. The most beaten up areas snapped back sharply. - European stocks underperformed for the second week in a row, hindering relative gains on international indices. - Treasury Bill yields climbed above 5.5%, the highest level since January 2001. Fed Funds are pricing in a 25bp increase for June.
- [Market Outlook - Record Low VIX Reading Inside of a Bear (or Early Bull) Market](/wp-content/uploads/Research/Reports/20230602-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230530-World-Wrap.pdf#new_tab) - - After outperforming for much of the last quarter, international equities slid behind US equities with a 1.9% decline last week. - Evidence of a split market mounts. In an up market week, 9 of 11 sectors declined, 7 of 9 styles declined, and all but one factor fell. - Developed Europe was a drag on foreign equities. Germany declined 2.5%. - US Treasuries are set for a relief rally on the announcement of the US debt-ceiling deal.
- [Market Outlook - Peculiar Start for a New Bull Market](/wp-content/uploads/Research/Reports/20230526-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230522-World-Wrap.pdf#new_tab) - - Global equities and commodities advanced, while Global Fixed Income suffered losses. - Interest rate sensitive sectors struggled. Real Estate dropped 2.4%, and Utilities declined by more than 4%. - Fed's Bullard sees two more rate hikes needed in 2023, while Fed's Kashkari says a rate hike in June is a close call. - Yields on the 30Yr Treasury approached 4%, the highest level since March.
- [Market Outlook - The Battle of Wits has Begun!](/wp-content/uploads/Research/Reports/20230519-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230515-World-Wrap.pdf#new_tab) - - While not severe, all major asset classes declined last week. - Another advance by Large Growth stocks was insufficient to keep every other style and factor from dragging down cap-weighted indices. - Latin America stood out, advancing 2.8% in a week when most equity markets declined. - Spreads between different durations of short-term Treasury Bills have been volatile over the last six weeks as debt-ceiling talks continue.
- [Market Outlook - Markets Wait and See](/wp-content/uploads/Research/Reports/20230512-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230506-World-Wrap.pdf#new_tab) - - US Equities and Commodities declined. Foreign stocks and prices on US Treasuries moved higher. - Value stocks were hit hardest led by a 5.8% decline in Energy stocks. Technology stocks still managed to have a positive return. - The Fed increased rates by 0.25 percent last week, it's the 10th increase in the rate by the Fed in a little over a year. - Yield Curve inversion worsened, becoming the second most severe inversion in over a century.
- [Market Outlook - Yield Curve is crying wolf – few are listening.](/wp-content/uploads/Research/Reports/20230505-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230429-World-Wrap.pdf#new_tab) - - US Financial assets climbed. International stocks were flat, and Commodities declined. - Narrow advance last week as Large Cap stocks drove cap-weighted indices higher. All styles of Mid and Small Caps closed the week in the red. - European stocks, both developed and emergin, are dominating global equity markets thus far in 2023, closing higher again last week. - Long duration Treasuries rallied, and the yield curve inversion hit new lows. 2023's inversion is close to taking the title for the 2nd largest inversion in over 100 years.
- [Market Outlook - Mid-Term November to April – Undefeated since 1948](/wp-content/uploads/Research/Reports/20230428-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230423-World-Wrap.pdf#new_tab) - - Global equities, Treasuries, and Commodities all finished the week lower. - Interest rate sensitive sectors Utilities, Real Estate and Financials experienced strong one week rallies. - Emerging markets declined 2%, led by a 2.4% decline in Chinese equities. - Bitcoin corrected more than 10% last week but is still up more than 60% year to date.
- [Market Outlook - Liquidity driven by speculation](/wp-content/uploads/Research/Reports/20230421-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230416-World-Wrap.pdf#new_tab) - - International equities and Commodities outperformed. Commodities are on the cusp of positive returns for 2023. - Sectors were mixed with declines in interest rate-sensitive sectors like Utilities and Real Estate. Technology stocks also declined. - Developed Europe is the best-performing region in the world, driving international equities to outperformance. - An inflationary week with strong performance from Commodities as US Treasuries and the US Dollar struggled.
- [Market Outlook - Psychology moves into the worst decile of readings.](/wp-content/uploads/Research/Reports/20230414-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook](https://www.cypresscapital.com/mo20190322/) - [et_pb_section fb_built="1" _builder_version="4.16" custom_padding="0px|||" global_colors_info="{}"][et_pb_row _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Summary" _builder_version="4.16" global_colors_info="{}"]The momentum of the market is strong. Psychology remains negative, but shorter-term indicators are neutral. Spring is here! [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="PDF Download" _builder_version="4.16" global_colors_info="{}"]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe
- [Market Outlook](https://www.cypresscapital.com/mo20190307/) - [et_pb_section fb_built="1" _builder_version="4.16" custom_padding="0px|||" global_colors_info="{}"][et_pb_row _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Summary" _builder_version="4.16" global_colors_info="{}"]Momentum remains strong.Psychology is tanking.Valuation is bad again. [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="PDF Download" _builder_version="4.16" global_colors_info="{}"]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [Market Outlook](https://www.cypresscapital.com/mo20190221/) - [et_pb_section fb_built="1" _builder_version="4.16" custom_padding="0px|||" global_colors_info="{}"][et_pb_row _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text _builder_version="4.16" global_colors_info="{}"] The market has been a rocket through any resistance. Psychology is beginning to weaken – good investors vs. bad. Valuation’s improvement is not enough. [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text _builder_version="4.16" global_colors_info="{}"]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook](https://www.cypresscapital.com/mo20190405/) - [et_pb_section fb_built="1" _builder_version="4.16" custom_padding="0px|||" global_colors_info="{}"][et_pb_row _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Summary" _builder_version="4.16" global_colors_info="{}"] The market is not overbought in the short-term. Psychology is ugly. Monetary has improved, but should soon reverse on any inversion. We continue to wait for better buys. [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="PDF Download"
- [World Wrap](/wp-content/uploads/Research/Reports/20230409-World-Wrap.pdf#new_tab) - - Stocks were flat, while Commodities and Treasuries rallied. - The market advance in 2023 isn't a broad one - it's Large Growth and Tech move. Four of six factors are down year-to-date. - The yield curve inverted further matching levels only seen in 1973-74 and 1979-81. - Oil prices rallied 6.7% on the announcement of a Saudi-led cut in oil production
- [Market Outlook - Zweig Breadth Thrusts when the Yield Curve is Inverted](/wp-content/uploads/Research/Reports/20230407-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q1 2023 World Wrap](/wp-content/uploads/Research/Reports/2023_Q1-World-Wrap.pdf#new_tab) - - Global Equities and Treasuries finished with a solid first quarter, while Commodities declined. - Returns among sectors and factors were mixed, with the strongest sectors and styles being a throwback to the euphoric period from 2021. - Strength in Developed European markets outperformed and buoyed both international and global equity indices. - The yield curve (10Y-90D) ended the quarter with the most extreme inversion since 1981.
- [Market Outlook - In-Active Investing](/wp-content/uploads/Research/Reports/20230331-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230325-World-Wrap.pdf#new_tab) - - Global equities and fixed income finished the week higher. - Most styles, sectors, and factors advanced. Only Real Estate and Utilities closed lower. - International equities outperformed, with 38 of 44 countries closing up for the week. - After a sharp rebound the prior week, Lumber prices slid 9.1%.
- [Market Outlook - MRI falls under 70%](/wp-content/uploads/Research/Reports/20230324-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230318-World-Wrap.pdf#new_tab) - - US Equities shook off headlines full of bank troubles and moved higher. International equities and commodities fell. - Small and mid-cap stocks sold off sharply, as did Energy stocks and Financials, while Tech stocks and Large Caps advanced. - Developed markets declined on weakness in European stocks. Emerging markets fared better as China was the second best performing country in the world. - Treasuries and Gold were safe havens during a volatile week. Bitcoin rebounded sharply, climbing more than 30% for the week.
- [Market Outlook - Investors Bought the SVB Dip](/wp-content/uploads/Research/Reports/20230317-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230311-World-Wrap.pdf#new_tab) - - Difficult week for US Equities, with the S&P 500 declining 4.5%. Treasuries were a safe haven. - All sectors declined, led by an 8.5% decline in Financials on headlines of Silicon Valley Bank's failure. - A sharp 7.25% drop in China's equity market has caused Emerging Markets to give up all their 2023 gains. - The traditional flight to safety assets, US Treasuries and Gold, advanced in a week dominated by declining asset prices.
- [Market Outlook - Us Against the World](/wp-content/uploads/Research/Reports/20230310-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230306-World-Wrap.pdf#new_tab) - - Global financial assets bounced back last week after three consecutive weeks of declines. - The broad market may be up, but four of eleven sectors are still down year to date. - Deposits at US banks declined last year for the first time since 1948. High yields on T-Bills are encouraging savers to look elsewhere. - Natural Gas rallied sharply by 18.1% but is still off by more than 28% since the start of the year.
- [Market Outlook - Record Consumer Confidence in the Job Market](/wp-content/uploads/Research/Reports/20230303-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - FOMO Encore...Please Don’t Stop The Music](/wp-content/uploads/Research/Reports/20230217-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - Psychology registers the most euphoria since the Bull Market’s Peak](/wp-content/uploads/Research/Reports/20230224-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230226-World-Wrap.pdf#new_tab) - - Global equities closed lower for the third week in a row. - Energy was the only US sector, style, or factor to close in the green. - China fell 4.1% last week, pushing it into correction territory. China has fallen more than 13% from January highs. - Stronger than expected PCE inflation pushed yields on the 2Yr Treasury to 15-year highs.
- [World Wrap](/wp-content/uploads/Research/Reports/20230221-World-Wrap.pdf#new_tab) - - Every key asset class declined. Commodities fared worst on lower oil prices. - Sectors were mixed, with five of six sectors advancing. Utilities and Consumer Discretion led all sectors. - Developed markets were flat. It was a decline in emerging markets that pulled down broad international indices. - Bitcoin rallied 13.6% and is up 47% year to date as it attempts to recover from heavy losses in 2022.
- [World Wrap](/wp-content/uploads/Research/Reports/20230213-World-Wrap.pdf#new_tab) - - Global equities and fixed income declined while Commodities rallied on a rebound in oil prices - Ten of 11 sectors closed in the red. Energy was the only sector to advance for the week. - International equities underperformed US stocks, with China down 2.9% and Germany declining 3.2% - Crude oil prices snapped back this week gaining more than 8%. Bitcoin fell 7.9% after several weeks of strong performance.
- [Market Outlook - Reigniting Animal Spirits](/wp-content/uploads/Research/Reports/20230210-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230206-World-Wrap.pdf#new_tab) - - Global financial assets were mixed. US stocks rallied, but Commodities fell on a sharp drop in oil prices. - The rising tide in US equities isn't lifting all boats. Four of 11 sectors are down year to date, while last year's worst performing sectors are outperforming. - Emerging market stocks lost ground as China's equity market declined 5% for the week. - The decline in commodity indices last week was broad-based and not confined to crude oil.
- [Market Outlook - Market Risk Index crosses above 75%](/wp-content/uploads/Research/Reports/20230203-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230128-World-Wrap.pdf#new_tab) - - Global stocks rallied and commodities faltered on falling oil prices. - It has been a textbook risk-on rally as the "safest" sectors - Healthcare, Utilities, and Staples are the only three sectors with negative ytd returns. - Emerging markets are up 10% year to date as China continues to outperform. China is up 17% ytd. - US Dollar has fallen 10% from its 2022 high, entering its first correction since 2021.
- [Market Outlook - Psychology moves into the worst quintile of readings](/wp-content/uploads/Research/Reports/20230127-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - Muddy Waters](/wp-content/uploads/Research/Reports/20230120-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230115-World-Wrap.pdf#new_tab) - - 2023 is off to a strong start for global equities and bonds with all major asset classes except commodities moving higher in the first two weeks of January. - Healthcare and Consumer Staples were the only two sectors that did not participate in the market's advance. - International equities are outperforming US Equities with both developed and emerging markets outperforming. - Bitcoin rallied 17% last week and is up 19.5% since the start of the year.
- [Market Outlook - Corporate Insiders are selling the rally.](/wp-content/uploads/Research/Reports/20230112-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20230107-World-Wrap.pdf#new_tab) - - 2023 kicked off with a rally for risk assets, except for Commodities, which declined 6% on falling oil prices. - Value stocks got off to a strong start, outperforming growth stocks substantially. Healthcare was the only sector to finish in the red for the week. - German stocks advanced 5.3% driving developed international equity indices higher. - Yields on 10Yr Treasuries fell while T-Bill yields rose, leading to the deepest yield curve inversion since the early 80s.
- [Market Outlook - Equity Put/Call Ratio blows past old record.](/wp-content/uploads/Research/Reports/20230106-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q4 2022 World Wrap](/wp-content/uploads/Research/Reports/2022_Q4-World-Wrap.pdf#new_tab) - - US Equities closed the books on 2022 with the worst calendar year return since 2008. - Battered Tech stocks caused the NASDAQ Composite to finish the year down 32.1%. Energy stocks were up 65.7%. - After bottoming in July, Latin America managed to finish the year up 9.5%. Meanwhile, China's bear market continued into its 2nd year, down 22%. - US Treasuries with long maturities fared worse than stocks, with a negative total return of more than 30%. The dollar climbed 7.9% in 2022.
- [World Wrap](/wp-content/uploads/Research/Reports/20221227-World-Wrap.pdf#new_tab) - - Global equities were flat, while Commodities advanced and prices on US Treasuries declined. - Nine of eleven sectors moved higher, but declines in Technology and Consumer Discretion stocks were enough to hold back cap-weighted indices. - Latin American stocks put in another strong performance, up more than 5% for the week. - Crude Oil bounced more than 5% during the week, but prices are still down more than 25% from June highs.
- [Market Outlook - The average investor isn’t positioned for Recession](/wp-content/uploads/Research/Reports/20221222-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221219-World-Wrap.pdf#new_tab) - - Jerome Powell's hawkish comments sent global financial markets lower, while Treasuries rallied. Commodities also moved higher on a rebound in oil prices. - Dow Transports finished the week flat, and Energy was the only sector to close in the green rebounding 1.8% after an 8% decline the week prior. - While volatile, Latin American stocks have been a safe haven in 2023, with MSCI Latin America Index returning more than 5% ytd. - The Federal Reserve raised the Fed Funds rate target to 4.5%, the highest rate in more than 15 years.
- [Market Outlook - Psychology’s Good Timing](/wp-content/uploads/Research/Reports/20221216-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221210-World-Wrap.pdf#new_tab) - - US Equities and Commodities declined while International Equities and US Treasuries were flat for the week. - All key factors, styles and sectors declined. Energy stocks were hit hardest - declining more than 8%. - Emerging market equities squeaked out a gain, boosted by a 6.8% one week return from China. - Crude oil prices corrected, finishing the week 11.1% lower.
- [Market Outlook - Psychology Composite signals Enthusiasm](/wp-content/uploads/Research/Reports/20221208-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221205-World-Wrap.pdf#new_tab) - - Global financial assets, both fixed income and equities, rallied. Commodities moved higher as well. - Value stocks struggled on weakness in Energy stocks and Financials. - Sharp rebound in Emerging market stocks as China rallied almost 9% in a week. - Lumber prices are down 52% ytd and have fallen to pre-Covid levels - signs of a softening housing market.
- [Market Outlook - A Not-So-Healthy Stock Market Rally](/wp-content/uploads/Research/Reports/20221201-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221128-World-Wrap.pdf#new_tab) - - Global equities and fixed income climbed, while Commodities declined on lower oil prices. - The advance was broad during the holiday shortened week with all factors, sectors and styles moving higher. - China was the worst performing country in the world last week, declining 3.1% and weighing on Emerging market indices. - Long-term Treasuries rallied causing the yield curve inversion to fall to new lows.
- [Market Outlook - Yield Curve Inversion Sets New Lows](/wp-content/uploads/Research/Reports/20221125-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221121-World-Wrap.pdf#new_tab) - - Prices for US Equities and Commodities went lower. Oil prices fell more than 9% over the week. - Traditional defensive sectors Healthcare, Staples, and Utilities all rallied. All other sectors declined. - Both developed and emerging international stocks moved up. China advanced 4.2%. - Yields fell on Treasuries with longer maturities, making the yield curve inversion even steeper.
- [Market Outlook - Sharpest Yield Curve Inversion since 2000](/wp-content/uploads/Research/Reports/20221118-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221114-World-Wrap.pdf#new_tab) - - Seasonably strong period for stocks starts right on cue with a substantial rally for equities globally. The dollar fell by more than 4%. - Growth stocks outperformed - Tech stocks were up more than 10% on the week. - Developed markets outperformed US on strength in European markets and Japan. - Bitcoin's bear market took another leg down, declining 20%, on news of the failure of popular crypto exchange FTX.
- [Market Outlook - The Cost of Peak Inflation](/wp-content/uploads/Research/Reports/20221111-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221106-World-Wrap.pdf#new_tab) - - US Risk assets sold off as Fed dashed hopes for a pivot on rate hikes. International equities and commodities advanced. - Materials, Industrials, and Energy stocks moved higher. Tech stocks sold off sharply. - Emerging markets were up almost 5% for the week on a 11% one week bear market rally in China. - Federal Reserve increased the Fed Funds Rate to 4%, the highest level since January 2008.
- [Market Outlook - Powell’s Pail of Cold Water](/wp-content/uploads/Research/Reports/20221104-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221029-World-Wrap.pdf#new_tab) - - US Equities led all major asset classes higher for the week. - Communication Services was the only sector to decline for the week. All other sectors, styles and factors advanced. - Intl developed market equities outperformed US equites on strength in Europe. Emerging markets declined on a 9% drop in China. - The dollar sold off for the second week in a row. Economically sensitive commodities copper and lumber declined.
- [Market Outlook - Mid-Term November Bear Market Rally](/wp-content/uploads/Research/Reports/20221028-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - Dashing hopes for a Soft Landing](/wp-content/uploads/Research/Reports/20221021-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221022-World-Wrap.pdf#new_tab) - - US Equities rallied strongly, while international equity gains were more muted. US Treasury yields went higher. - US Equity gains were broad across every style, factor, and sector. Energy stocks were up 8.1% and are approaching June highs. - Developed equities were up on strength in European stocks. Meanwhile Emerging markets were flat on a 2.7% decline in China. - The dollar sold off, but so did US Treasuries. Yields on 30Yr Treasuries set a new 10 year high.
- [World Wrap](/wp-content/uploads/Research/Reports/20221017-World-Wrap.pdf#new_tab) - - One of the most volatile weeks in 2022 finished with all major asset classes closing in the red. - There were safe-havens last week. Value stocks, Consumer Staples, Healthcare, and even the Dow managed to move higher. - Emerging markets were hard hit, as Chinese equity markets fell more than 6%. - The dollar rallied and finished the week less than 1% away from new highs.
- [Market Outlook - Investor Psychology is finally throwing a lifeline to bulls](/wp-content/uploads/Research/Reports/20221014-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20221010-World-Wrap.pdf#new_tab) - - Despite a volatile week, global equities and commodities finished higher. Treasury yields moved higher. - Energy stocks snapped back 13.9%, now up 53.9% year to date. - Crude Oil bounced more than 16% as OPEC announced supply cuts. - The dollar bottomed in the middle of the week as stocks peaked and closed out the week with a 0.6% advance.
- [Market Outlook - Psychology is approaching the best quintile of readings](/wp-content/uploads/Research/Reports/20221007-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q3 2022 World Wrap](/wp-content/uploads/Research/Reports/2022_Q3-World-Wrap.pdf#new_tab) - - All key asset classes declined, and stocks set new lows in the third quarter of 2022. - Energy and Consumer Discretion stocks increased in Q3, but all other sectors, styles and factors saw lower prices. - Latin American stocks advanced 3.7% in Q3 moving into positive territory for the year. Brazil is up 11.8% ytd. - The US Dollar shot to 20 year highs, climbing by 7.1% in Q3. The dollar is up 16.8% ytd.
- [Market Outlook - Big Improvement in Psychology Offset by Shift to Bearish Market Trend](/wp-content/uploads/Research/Reports/20220930-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220924-World-Wrap.pdf#new_tab) - - A sea of red for all asset class returns for a second straight week after the Fed raised rates by another 75bps. - All sectors, styles, and factors declined. Energy stocks were the worst performing sector, declining 9%. - Brazil and Egypt were the only two countries with stock markets advancing. - Bull market in the US Dollar continues - the dollar was up whopping 3% for the week and has climbed more than 20% in the last 12 months.
- [Market Outlook - The Weight of the Evidence: Play Defense](/wp-content/uploads/Research/Reports/20220923-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="3.22.7"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="3.22.7"][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" _builder_version="3.22.7" _dynamic_attributes="src"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_post_title comments="off" featured_image="off" _builder_version="3.22.7" title_font="||||||||" title_font_size="80px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [World Wrap](/wp-content/uploads/Research/Reports/20220917-World-Wrap.pdf#new_tab) - - Financial markets were a sea of red this week with all asset classes declining. - All sectors, styles, and factors declined. Dow Transports declined more than 8%. - Middle Eastern equities and Italy were the only two international equity markets to see higher prices. - The US dollar rallied, as did silver prices. Non-commercial futures positioning in silver is net short for the first time since 2019.
- [Market Outlook - Is the Yield Curve the G.O.A.T?](/wp-content/uploads/Research/Reports/20220916-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="3.22.7"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="3.22.7"][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" _builder_version="3.22.7" _dynamic_attributes="src"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_post_title comments="off" featured_image="off" _builder_version="3.22.7" title_font="||||||||" title_font_size="80px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [World Wrap](/wp-content/uploads/Research/Reports/20220910-World-Wrap.pdf#new_tab) - - Global stocks rallied, led by a strong snap back for US equities, but the fear of missing out was absent from international equities. - Growth and Tech stocks outperformed while Energy stocks lagged considerably for the week. - Developed markets closed in the green, but emerging equities were down slightly. - The dollar gave up some gains, and fixed income markets declined with the notable exception of a rally in high yield corporate bonds.
- [Market Outlook - Velocity is accelerating in a bear market for the first time since 1974.](/wp-content/uploads/Research/Reports/20220909-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="3.22.7"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="3.22.7"][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" _builder_version="3.22.7" _dynamic_attributes="src"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_post_title comments="off" featured_image="off" _builder_version="3.22.7" title_font="||||||||" title_font_size="80px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [Market Outlook - Poor readings from Psychology drive Market Risk Index higher](/wp-content/uploads/Research/Reports/20220902-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="3.22.7"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="3.22.7"][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" _builder_version="3.22.7" _dynamic_attributes="src"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="3.22.7"][et_pb_post_title comments="off" featured_image="off" _builder_version="3.22.7" title_font="||||||||" title_font_size="80px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [World Wrap](/wp-content/uploads/Research/Reports/20220906-World-Wrap.pdf#new_tab) - - All major asset classes declined for the week. Commodities were hit hardest on a 6.6% decline in oil. - No safe havens as every style, sector, and factor struggled. - International declines were broad with only 5 of 44 countries moving higher. Germany was one of the five. - Another strong week for the US Dollar as it rallied to a new 20 year high. The Euro closed below parity with the dollar again, falling to a new 15yr low.
- [World Wrap](/wp-content/uploads/Research/Reports/20220829-World-Wrap.pdf#new_tab) - - Commodities rallied, but financial assets declined for the week after Jerome Powell's hawkish speech on Friday at Jackson Hole - Energy stocks stood out - advancing 4.3% as all other factors, sectors, and styles struggled. - Emerging markets climbed 0.5% on strong performance from China and Latin America. - The US Dollar climbed to a 20-year high last week, and the Euro fell below parity with the dollar for the first time since November 2002.
- [Market Outlook - Market Risk Index climbs to the highest level since February](/wp-content/uploads/Research/Reports/20220826-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220822-World-Wrap.pdf#new_tab) - - All risk assets closed down for the week. International equities and Real Estate were the worst performing asset classes. - Consumer Staples, Energy, and Utilities were safe-havens - the sectors advanced by 1-2% - The Middle East has been the best performing global region. The lead expanded with the region rallying 0.7% during a down week for global equities. - The dollar bounced sharply off key support levels, advancing 2.4%. The dollar has risen 12.7% in 2022.
- [Market Outlook - Animal Spirits in August](/wp-content/uploads/Research/Reports/20220819-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row column_structure="1_2,1_2" use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_phone="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220815-World-Wrap.pdf#new_tab) - - Global stocks and commodities rallied. US Treasuries declined modestly for the week. - The rally was broad among styles and factors, but value edged out growth on a 7.5% one-week gain in Energy stocks - Chinese equities declined during a week of widespread strength in global equities. The country's stock market has been moving to the beat of a different drum all year. - Commodity prices snapped back. Lumber prices climbed 19% in a single week.
- [Market Outlook - A New Bull Market?](/wp-content/uploads/Research/Reports/20220812-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220808-World-Wrap.pdf#new_tab) - - US Equities climbed modestly, while all other asset classes declined. Broad commodities declined 6% for the week. - US stock only advanced broadly as a result of strength in Growth stocks, Large Growth and Tech stocks in particular. - Emerging markets advanced on strength in Asian stocks ex Japan and China. - Both Lumber and Crude Oil dropped more than 9%. Crude oil has now fallen more than 25% from its 2022 highs.
- [Market Outlook - Banks are starting to tighten the purse strings](/wp-content/uploads/Research/Reports/20220805-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220801-World-Wrap.pdf#new_tab) - - Commodities and US Equities led the way this week, as global financial assets rallied in unison for a second straight week. - The rising tide lifted all boats in the last week of July - the stock market rally among styles, sectors and factors was broad. - China was a notable exception to the global rally in equities, closing down 3.7% for the week. - Another round of rate hikes for the Fed in September has the potential to take the Fed Funds rate above the 10Yr Treasury yield.
- [Market Outlook - No Bells are Ringing](/wp-content/uploads/Research/Reports/20220722-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Outlook - The Yield Curve officially becomes a headwind for markets](/wp-content/uploads/Research/Reports/20220729-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220725-World-Wrap.pdf#new_tab) - - All major asset classes rallied. International equities were the best performing broad asset class. - Growth stocks outperformed value. Consumer Discretion sector climbed 6.8% on strength in AMZN and TSLA shares. - Strong performance from European equities helped international equities outperform. - After a 16.7% gain the previous week, Natural gas climbed another 18.4% this week. Natural gas prices are up 135% ytd.
- [World Wrap](/wp-content/uploads/Research/Reports/20220718-World-Wrap.pdf#new_tab) - - A quintessential example of a risk-off week. US Treasuries rallied while other risk assets sold off. Commodities were down 3.9%. - Value held up better than growth. Consumer Staples closed up for the week - the only sector to do so. - After solid performance for much of the last quarter, China was the second worst performing country last week (-7.9%) and was a drag on emerging markets. - Natural gas prices rose 16.7% and have nearly doubled in 2022.
- [Market Outlook: Last week ISM – This week PPI](/wp-content/uploads/Research/Reports/20220715-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220711-World-Wrap.pdf#new_tab) - - Global equities climbed. Commodities, Treasuries, and interest rate sensitive assets like Real Estate declined. - It was a strong weak for Large Cap growth & Tech stocks. Meanwhile - Value, Energy, & High yield stocks struggled. - International equities advanced, but it wasn't a broad move. Twenty-one of the 45 countries we track declined week over week. - The US Dollar jumped 1.8% and is now up 11.5% year to date.
- [Market Outlook - Stagflation is official, according to ISM](/wp-content/uploads/Research/Reports/20220708-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [Q2 2022 World Wrap](/wp-content/uploads/Research/Reports/2022_Q2-World-Wrap.pdf#new_tab) - - Global equities and fixed income declined in the second quarter. Commodities moved higher by 2% on the strength of crude oil. - All sectors styles and factors declined in the second quarter. Energy was strong up until June, when the sector crashed by more than 22%. - China shrugged off global market weakness and advanced more than 3% during the quarter. It was one of only two countries to see higher stock prices in Q2. - Crude oil rallied 10% during the quarter - the Dollar was up 6.5% - and Bitcoin plunged by nearly 60%.
- [Market Outlook - The Bear isn’t over.](/wp-content/uploads/Research/Reports/20220701-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220627-World-Wrap.pdf#new_tab) - - Strong bounce in Global Equities and US Treasuries as commodities sold off. - Energy closed the week in the red. All other sectors, styles, and factors advanced. - Despite strong performance from China, the emerging markets rally was weak, lagging developed markets. - Broad commodity indices were weak, but oil prices only declined by 0.3%.
- [Market Outlook - Psychology Composite reaches best quintile of readings](/wp-content/uploads/Research/Reports/20220624-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220618-World-Wrap.pdf#new_tab) - - Nowhere to hide as every major asset class declined. This week marked the broadest and most pervasive selling pressure in 2022. - All sectors and styles lost money. Energy was particularly hard hit, giving up 17% for the week. - Equities fell in all 44 of the countries that we follow. - Lumber and the US Dollar both climbed 0.5%. Those were literally the only two assets with prices that had positive 1wk returns in World Wrap.
- [Market Outlook - You are not a Bum. Ignore bad pitches.](/wp-content/uploads/Research/Reports/20220617-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220613-World-Wrap.pdf#new_tab) - - CPI inflation surprise of 8.6% led to a broad sell off in risk assets with the exception of commodities, which rallied on higher oil prices. - No styles, sectors or factors were a safe-haven. It all declined. - Emerging markets declined but outperformed developed markets on a 6% jump in Chinese equities. - Fixed income sold off, and the US Dollar rallied more than 2%.
- [Market Outlook - Plant trees that other men will sit under](/wp-content/uploads/Research/Reports/20220610-Cypress-Market-Outlook.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row use_custom_gutter="on" gutter_width="1" make_equal="on" _builder_version="4.16" global_colors_info="{}" column_structure="1_2,1_2"][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_image src="@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@" align_tablet="center" align_last_edited="on|desktop" _builder_version="4.16" _dynamic_attributes="src" global_colors_info="{}" align_phone="center"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_post_title comments="off" featured_image="off" _builder_version="4.16" title_font="||||||||" title_font_size="80px" meta_font="|||on|||||" meta_text_align="right" meta_text_color="#a3b1c5" meta_letter_spacing="2px" use_background_color_gradient="on" background_color_gradient_stops="#ffffff 0%|rgba(255,255,255,0) 100%" background_color_gradient_start="#ffffff" background_color_gradient_end="rgba(255,255,255,0)" custom_margin="|||-20%" custom_margin_tablet="|||0%" custom_margin_phone="" custom_margin_last_edited="on|desktop" custom_padding="5vw||5vw|30px" title_font_size_tablet="70px" title_font_size_phone="45px" title_font_size_last_edited="on|phone" box_shadow_style="preset4" box_shadow_horizontal="80px" box_shadow_vertical="82px" box_shadow_spread="-80px" global_colors_info="{}"][/et_pb_post_title][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20220606-World-Wrap.pdf#new_tab) - - US Equities and Treasuries declined, while International stocks and commodities moved higher. - Energy was the only good sector performer. All styles and factors struggled for the week. - A 3.5% rally in China stocks pushed Emerging markets higher. - Crude oil was up 3.3% and is less than a 6% move from making a new high.
- [Market Outlook - Short-Term Investor Psychology is Bullish](/wp-content/uploads/Research/Reports/20220603-Cypress-Market-Outlook.pdf#new_tab) - - Investor psychology becomes even more constructive for stock market gains on investment survey readings. - AAII survey is approaching 2008 bearish extremes, but equity allocations remained overweight equities in May. - An unusual Consumer Confidence combination - late cycle expectations, bullish on rates, bearish on stocks.
- [World Wrap](/wp-content/uploads/Research/Reports/20220530-World-Wrap.pdf#new_tab) - - A broad rally across risk assets was led by US stocks. - Every sector, style and factor finished the week in the green. - The one-week median country return was 3.9%, but Emerging markets lagged as China declined 0.45% - Fixed income and commodities moved higher. Bitcoin declined, breaking its recent tendency to mirror moves in US Growth stocks.
- [Market Outlook - Psychology Composite improves to the Bullish side of Neutral](/wp-content/uploads/Research/Reports/20220527-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index readings are growing more neutral for stocks, on improvements to investor psychology. - Valuation improvements have driven return expectations for stocks higher by more than 400 basis points but still fall short of 10Yr Treasury Yields.
- [World Wrap](/wp-content/uploads/Research/Reports/20220522-World-Wrap.pdf#new_tab) - - US Equities struggled but international stocks and US Treasuries rallied. - A sea of red for styles and sectors, but Energy and Healthcare stocks were a safe haven. - A 4.7% bounce in China drover emerging market indices higher. China's bear market is over a year old, and the country is easing monetary conditions. - Several key commodities bounced back this week, but lumber and Bitcoin continued to decline.
- [Market Outlook - Sharp drop in MRI](/wp-content/uploads/Research/Reports/20220520-Cypress-Market-Outlook.pdf#new_tab) - - Psychology composite gives bear market rally vibes, but classic signs of capitulation are still out of reach.
- [World Wrap](/wp-content/uploads/Research/Reports/20220516-World-Wrap.pdf#new_tab) - - A more traditional, disinflationary risk-off week with a rally in Treasuries and a selloff in global risk assets. - Consumer staples was the only sector to finish the week above water. - China's stock market was flat, and the country has started easing financial conditions. - Carnage in crypto markets - TerraUSD declined over 90% and its reserve asset LUNA lost all of its value.
- [Market Outlook - Is it over?](/wp-content/uploads/Research/Reports/20220513-Cypress-Market-Outlook.pdf#new_tab) - - Daily Psychology Composite point totals are the best since Feb 2020. - Conditions are ripe for a bear market rally more than a bull market. - A dramatic week, but none of the ingredients for a Powell pivot.
- [World Wrap](/wp-content/uploads/Research/Reports/20220509-World-Wrap.pdf#new_tab) - - Sharp decline in international equities, and crude oil gains pushed commodities indices higher. - Energy stocks climbed more than 10% in a week - now up 50.8% year-to-date. - China dropped 6.9% in a week, pulling emerging markets down 4.1%. China has fallen 40% in the last year. - The strong rally in the dollar continues. US Dollar advanced 0.7% for the week and is up 14% over the last 12 months.
- [Market Outlook - Investors are growing concerned but not capitulating.](/wp-content/uploads/Research/Reports/20220506-Cypress-Market-Outlook.pdf#new_tab) - - Another month with ISM Price index above 75 is not great news for stock market investors. - Bond market liquidity has been evaporating faster than any time since the early 80s. - Corporate insiders are starting to show mild interest in buying stocks.
- [World Wrap](/wp-content/uploads/Research/Reports/20220502-World-Wrap.pdf#new_tab) - - Global equities sank, and commodities bounced. April was the worst month for NASDAQ since 2008. - Nowhere to hide in US Equities last week as all factors, styles, and sectors declined. - A 5.1% bounce in China kept Emerging market indices flat, offsetting declines elsewhere. - The dollar moved sharply higher by 1.7% and is now up more than 7% year to date.
- [Market Outlook - Sell in Mid-Term May](/wp-content/uploads/Research/Reports/20220429-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs on Psychology Composite move back into worst 20% of readings - Sell in Mid-Term May is here.
- [World Wrap](/wp-content/uploads/Research/Reports/20220425-World-Wrap.pdf#new_tab) - - Risk assets declined. Real Estate was an exception, climbing more than 1% for the week. - For the first time this month, Energy stocks underperformed Tech stocks on the downside. - Emerging markets fell by 3.3%, driven by a 6.8% weekly decline in China. The bear market in China began in February 2021. - Oil prices decline 4%, marking the second lower high in crude since prices topped above $120/bbl. in early March.
- [Market Outlook - Big One-Week Jump in Market Risk Index](/wp-content/uploads/Research/Reports/20220422-Cypress-Market-Outlook.pdf#new_tab) - - Psychology composite risk score increased more than 16%, despite substantial improvements in Investment Surveys. - The 22nd Margin Debt deleveraging in 95 years has begun. - NYSE High Low Logic Index moves even higher.
- [World Wrap](/wp-content/uploads/Research/Reports/20220416-World-Wrap.pdf#new_tab) - - Global equities and fixed income declined, but Commodities rallied on the strength in Agriculture. - Sectors were mixed with five advancing and six declining for the second week in a row. Same for Energy stock strength and Tech sector weakness. - Fixed income continued to struggle across the board. The dollar made a new 52week high and rallied to the highest level since April 2020. - Agriculture rallied 5.2% to drive broad commodity indices higher despite a decline in oil prices for the week.
- [Market Outlook - Investor Psychology drives MRI higher](/wp-content/uploads/Research/Reports/20220414-Cypress-Market-Outlook.pdf#new_tab) - - Psychology composite deteriorates, driving Market Risk Index higher. - Bond Momentum is throwing in the towel on 10yr and 30Yr Treasuries for now.
- [World Wrap](/wp-content/uploads/Research/Reports/20220410-World-Wrap.pdf#new_tab) - - Global equities and fixed income declined, and commodities were flat. Sharp decline in Dow Transports of 6.7% for the week. - Sectors were mixed with five advancing and six declining. Another strong week for Energy and poor showing for Tech stocks. - Although developed and emerging indices are down, nearly half of 45 countries that we track are actually up ytd, with a median return of 5.5%. - US Treasuries sold off sharply on news that initial jobless claims fell to 166K, the lowest since 1968, a time when the labor force was half its current size.
- [Market Outlook - Central Banking Blunder](/wp-content/uploads/Research/Reports/20220408-Cypress-Market-Outlook.pdf#new_tab) - - Improvements to investor psychology halt. - This Federal Reserve is further behind the curve than any other.
- [Q1 2022 World Wrap](/wp-content/uploads/Research/Reports/2022_Q1-World-Wrap.pdf#new_tab) - - The first quarter of 2022 ended with negative performance from both equities and fixed income. Only commodities moved higher. - Value stocks outperformed growth stocks broadly. Energy exposure in an index has been most important factor, with the sector up a whopping 39% in Q1. - Emerging markets underperformed, weighed down by a Q1 decline in China equities of 14.2%. - The 2s10s version of the US Treasury Yield Curve inverted, the first recessionary signal from the yield curve since the economic recovery began.
- [Market Outlook - Short-Term Sentiment supported rally inside of an unhealthy market](/wp-content/uploads/Research/Reports/20220401-Cypress-Market-Outlook.pdf#new_tab) - - Investment surveys and short-term breadth support a spring-time rally. - According to the ISM and Consumer Confidence surveys, this economic cycle is haggard, with ISM implying stagflation.
- [World Wrap](/wp-content/uploads/Research/Reports/20220328-World-Wrap.pdf#new_tab) - - Global risk assets rallied, but US Treasuries and fixed income struggled broadly. - Strong rebound in Energy stocks, drove Large and Mid-Cap value into positive ytd returns. - Sharp increase in Latin American stocks for the week - now up 26% year to date. - Fixed income was hammered across the board. Every major fixed income sector is in the red thus far in 2022.
- [Market Outlook - Yield Curve Mixed Messages](/wp-content/uploads/Research/Reports/20220325-Cypress-Market-Outlook.pdf#new_tab) - - Psychology composite improves again, bringing Market Risk Index down to 72.3%. - Monetary conditions crossed above the 80th percentile as conditions tightened further. - One monetary indicator that is not on our current list of concerns - the yield curve.
- [World Wrap](/wp-content/uploads/Research/Reports/20220321-World-Wrap.pdf#new_tab) - - Sharp rebound from oversold levels for global equities, while Treasuries and Commodities declined. - All sectors and styles advanced with the exception of Energy stocks, which sold off 3.6%. - Risk on for fixed income markets as yields on credits fell, and Treasury yields climbed. - Continuing claims for unemployment fell to 1.42 million, the lowest since February 1970.
- [Market Outlook - Big Weekly Improvement in Psychology Composite](/wp-content/uploads/Research/Reports/20220318-Cypress-Market-Outlook.pdf#new_tab) - - Psychology composite improved by more than 15% since last week. - Monetary conditions have stabilized just shy of crossing into our tightest segment of readings.
- [World Wrap](/wp-content/uploads/Research/Reports/20220312-World-Wrap.pdf#new_tab) - - Nowhere to hide among broad asset classes as risk assets declined across the board. High inflation and the Russian invasion of Ukraine dominate headlines. - Only one of nine sectors moved higher - Energy - which climbed 2%. But, it wasn't enough to keep value stocks out of the red this week. - An eerie sight - Russian equities are showing up as 100% decline. No Russian investments are trading. - Gold and silver provided a safe haven, advancing 1% and 1.5% respectively.
- [Market Outlook - Speculators are down but not out.](/wp-content/uploads/Research/Reports/20220311-Cypress-Market-Outlook.pdf#new_tab) - - Fed asset purchases end this week, but the prospect of Fed tightening and the Ukraine invasion have already led to substantial monetary tightening. - Psychology improves, but the speculative spirit of the Covid-MMT-stimulus era has not broken.
- [Market Trend Analyzer](/wp-content/uploads/Research/Charts/MTAWebsite.pdf#new_tab) - The Market Trend Analyzer is a price based, long term trend following system designed as a fail safe for investment strategy and portfolios. Charts show current MTA condition for US equities, international equities, global equities, REITs, and commodities.
- [Market Valuation](/wp-content/uploads/Research/Charts/Valuation.pdf#new_tab) - Popular market valuation metrics
- [Monetary Conditions](/wp-content/uploads/Research/Charts/Monetary.pdf#new_tab) - Major monetary indicators including the yield curve, key interest rates, our bond momentum indicator, monetary aggregates, etc.
- [Psychology Indicators](/wp-content/uploads/Research/Charts/Psychology.pdf#new_tab) - Key market sentiment indicators
- [Market Internals](/wp-content/uploads/Research/Charts/MarketInternals.pdf#new_tab) - Market Internals and breadth measures on US stock exchanges including Arms, McClellan, 21 Day Oscillator, Net New Highs, Overbought Oversold and Advance/Decline lines
- [Key Indicators Chartbook](/wp-content/uploads/Research/Charts/KeyIndicators.pdf#new_tab) - Quick review of key psychology, monetary, and valuation charts.
- [Investment Strategy Handbook](/wp-content/uploads/Research/Charts/TAH.pdf#new_tab) - A comprehensive chartbook of valuable stock market data including: market internals, psychology, monetary, valuation, domestic and international stock indices, interest rates, commodities, and currencies.
- [Key Indicator Tables](/wp-content/uploads/Research/Charts/HaysMarketIndicatorTables.pdf#new_tab) - Readings from the most recent close, no charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20220307-World-Wrap.pdf#new_tab) - - Global equities declined, and Treasuries rallied as severity of Russian sanctions becomes clearer. Oil prices climbed more than 25% driving broad commodity indices higher. - Value stocks holding up considerably well on massive out-performance of Energy stocks, which are up 36% ytd. - European stocks were hit particularly hard with most countries experiencing double digit percentage declines last week. - Commodity price increases are pervasive and rising at an alarming rate, increasing the probability of a global recession.
- [Market Outlook - Fed hemmed in by inflation.](/wp-content/uploads/Research/Reports/20220304-Cypress-Market-Outlook.pdf#new_tab) - - Impressive week over week improvement in Psychology composite. - Investors Intelligence Bears outnumber the bulls for the first time since March 2020. - ISM Price Index, and inflation, should temper your desire to buy the dip.
- [World Wrap](/wp-content/uploads/Research/Reports/20220228-World-Wrap.pdf#new_tab) - - The Russian invasion of Ukraine put more pressure on international equities rather than US equities, as domestic stocks rallied from oversold levels. - Growth stocks staged a rebound after suffering persistent declines for the first two months of 2022. - International stocks struggled. China declined 5.8%, and the Russian stock market fell more than 30% last week, much of it occurring the day the invasion began. - Bitcoin has behaved like a proxy for the risk trade in markets and has suffered declines comparable to growth stocks, falling 15.8% ytd.
- [Market Outlook - Russian invasion increases investor anxiety.](/wp-content/uploads/Research/Reports/20220225-Cypress-Market-Outlook.pdf#new_tab) - - Notable improvement in short-term investor psychology. - Bond Momentum still recommends long-term Treasuries.
- [World Wrap](/wp-content/uploads/Research/Reports/20220219-World-Wrap.pdf#new_tab) - - A difficult week for risk assets amid inflation and Ukraine concerns. US and International equities declined by 1.6%. - Relative strength of value stocks continues. Small-cap and mid-cap value stocks managed to move higher. - Emerging markets outperformed and are still holding onto positive ytd returns. - Bitcoin and oil sold off. Natural gas prices moved higher by 11.2%.
- [Market Outlook - PPI is flying too high.](/wp-content/uploads/Research/Reports/20220218-Cypress-Market-Outlook.pdf#new_tab) - - Investment advisors follow the lead of individual investors and grow more anxious about markets. - PPI inflation is still at levels associated with falling stock prices.
- [World Wrap](/wp-content/uploads/Research/Reports/20220213-World-Wrap.pdf#new_tab) - - US risk assets declined - equities, real estate, and Treasuries. Intl equities and commodities advanced. - Value and dividend paying stocks proved a safe haven, moving higher during the week, led by another impressive performance from Energy stocks. - Strong performance from emerging markets, which moved into positive territory year-to-date. - Fixed income was down across the board - every sector is in the red for 2022. Lumber prices jumped a whopping 15.8% last week.
- [Market Outlook - Animal spirits in retreat, but not broken.](/wp-content/uploads/Research/Reports/20220211-Cypress-Market-Outlook.pdf#new_tab) - - Investor surveys push Psychology out of the worst decile of readings. - Bond Momentum indicators recommend positioning for wider credit spreads and additional shallowing of the yield curve. - Keep an eye glued to the equity put/call ratio.
- [World Wrap](/wp-content/uploads/Research/Reports/20220206-World-Wrap.pdf#new_tab) - - Global equities rebounded, while Treasuries and Real Estate declined. A 6% increase in Crude oil prices pushed commodity indices higher. - 2022 has some bright spots. Dividend paying stocks, Pure Value, and the Energy & Financials sectors are all performing well. - Emerging markets outperformed, as Chinese equities bounced more than 5%. - No safe haven in fixed income which is down across every key sector. Bank loans are flat.
- [Market Outlook - Short-Term Sentiment supports a short-term rally.](/wp-content/uploads/Research/Reports/20220204-Cypress-Market-Outlook.pdf#new_tab) - - Investor psychology improves, but Monetary conditions deteriorate. For now, they are tied at the hip and negatively correlated.
- [World Wrap](/wp-content/uploads/Research/Reports/20220129-World-Wrap.pdf#new_tab) - - US equities rose modestly, while International equities declined - a reversal of the previous week. - Energy is the only sector that is up ytd, and it's up big, more than 18% in January. - Stock market angst finally hit Emerging markets, which turned negative on the year after falling more than 4%. China declined nearly 8%. - Higher energy prices are largely responsible for commodity strength. Other key commodities are flat or down.
- [Market Outlook - The Wall of Worry is improving.](/wp-content/uploads/Research/Reports/20220128-Cypress-Market-Outlook.pdf#new_tab) - - Sharp improvement to several measures of investor sentiment. - Monetary composite deterioration blocks any potential improvement to the Market Risk Index.
- [World Wrap](/wp-content/uploads/Research/Reports/20220123-World-Wrap.pdf#new_tab) - - A tough week for US equities, which declined 5.9%. Commodities lead all asset classes year-to-date. - Stock market correction has been noticeably sharper for growth stocks across the board. - Emerging markets outperformed and are still holding onto gains. China too is up in January. - Every sector of fixed income is down. Bitcoin declined 15.3% last week and is down more than 20% ytd.
- [Market Outlook - Higher yields impact Monetary Composite](/wp-content/uploads/Research/Reports/20220121-Cypress-Market-Outlook.pdf#new_tab) - - Rising rates increased the Market Risk Index to 90.7%. - Few indications of a wall of worry within the Psychology composite.
- [World Wrap](/wp-content/uploads/Research/Reports/20220116-World-Wrap.pdf#new_tab) - - US Equities declined slightly, while other risk assets moved higher. - Most sectors declined, but Energy was a notable exception, advancing by 5.3% and taking value indices along with it. - It was a big week for Emerging market stocks - up more than 2.6% - bringing their ytd return up to 2.1%. - Broad advance for commodities - crude oil prices are up nearly 12% in the first two weeks of January.
- [Market Outlook - NYSE High Low Logic Index gives a sell signal](/wp-content/uploads/Research/Reports/20220114-Cypress-Market-Outlook.pdf#new_tab) - - NYSE High Low Logic Index joins the NASDAQ version of the index, as both now signal a split market. - Dow Jones Bond Oscillator signals tighter liquidity. - Producer Price Inflation has peaked but is still running too hot.
- [World Wrap](/wp-content/uploads/Research/Reports/20220110-World-Wrap.pdf#new_tab) - - The first week of 2022 begins with only Commodities in the green. All other major risk assets declined, after Fed minutes revealed a more hawkish Fed. - Value stocks, Energy and Financials were the only asset classes to advance. - Lumber kicks off the year with a 10.7% increase, and oil moved higher by 4.9%. Fixed Income struggled across the board, with Treasuries particularly hard hit. - Unrest in Kazakhstan was partially to blame for a 9.6% fall in Bitcoin. The gov't shutdown of the Internet caused the hash rate to fall by more than 10%.
- [Market Outlook - Market Risk Index climbs above 90%](/wp-content/uploads/Research/Reports/20220107-Cypress-Market-Outlook.pdf#new_tab) - - Higher rates cause Monetary Conditions to worsen, but Bond Momentum buy signal is unlikely to reverse soon. - Key inflation indicators peak, but levels are still too high. - Levered ETF Sentiment hits FOMO - Tale of Two Breadth Thrusts
- [Q4 2021 World Wrap](/wp-content/uploads/Research/Reports/2021_Q4-World-Wrap.pdf#new_tab) - - The QE era has coincided with more than a decade of dominance for US equities over international stocks. - Energy was the best performing sector, and Pure Value beat Pure Growth, but it didn't stop Large Growth (FAANG) from besting all style box categories in 2021. - Emerging markets closed the year in the red. China was the second worst performing country behind Turkey. - Building a house grew more expensive. After a monster rebound by more than 70% in the 4th quarter, lumber prices closed the year up 114.9%.
- [World Wrap](/wp-content/uploads/Research/Reports/20211227-World-Wrap.pdf#new_tab) - - Santa rally came right on time. Risk assets rallied broadly, enough for cap-weighted US indices like the S&P 500 to set a new high. - Stock market rally for the week was broad with all major factors and sectors advancing. Growth edged out value. - Emerging markets moved higher but not impressively. China was flat and down more than 22% in 2021. - Commodities bounced back as did Bitcoin, while Treasuries gave up recent gains.
- [Market Outlook - The Elusive Wall of Worry](/wp-content/uploads/Research/Reports/20211223-Cypress-Market-Outlook.pdf#new_tab) - - AAII Survey is improving, but daily dollar volume in levered ETFs surged to a record in December as retail investors continue with what has worked in 2021 - buying the dip.
- [World Wrap](/wp-content/uploads/Research/Reports/20211220-World-Wrap.pdf#new_tab) - - Global equities declined, and the US stock market was hardest hit. - While broad indices declined, traditional safe haven sectors rallied - Healthcare, Staples, and Utilities. - Emerging markets are down 3.6% ytd, as China fell 4.7% last week. - Precious metals and Treasuries moved higher. So did Lumber, which has climbed more than 45% in the last month.
- [Market Outlook - Market Risk Index climbs to 89.2%](/wp-content/uploads/Research/Reports/20211217-Cypress-Market-Outlook.pdf#new_tab) - - Bond Momentum buy signal coincides with a peak in stock market internals and a deterioration in credits and corporate spreads - PPI inflation accelerates in November, pushing out the likely peak for CPI inflation. - Psychology is on the mend, but the demand for leverage persists.
- [World Wrap](/wp-content/uploads/Research/Reports/20211213-World-Wrap.pdf#new_tab) - - Risk assets rebounded sharply across the board, and Treasuries gave back some of recent gains. - With less than a month to go in 2021, Large Growth takes the lead as the best performing style. - Emerging markets rallied, but the performance was underwhelming. - 6.8% inflation is pushing the Fed toward tighter policy, and rate increases will begin with the flattest yield curve in a generation.
- [Market Outlook - Inflation as a Fed Put Foil](/wp-content/uploads/Research/Reports/20211210-Cypress-Market-Outlook.pdf#new_tab) - - Monetary conditions and valuations drive Market Risk Index to 85.6%. - Short-Term Sentiment improvement falls just shy of extreme pessimism. - Inflation is becoming a more powerful foil to the Fed Put.
- [World Wrap](/wp-content/uploads/Research/Reports/20211204-World-Wrap.pdf#new_tab) - - All major asset classes declined on concerns of a new Covid variant. Treasuries rallied strongly on Black Friday. - Energy stocks were the only safe haven as every other major sector and factor declined. - Argentina led all international equity declines, correcting by more than 15% over the course of the week. - Initial Jobless claims have plunged to the lowest level since 1969.
- [Market Outlook - Even Crazier...says Munger](/wp-content/uploads/Research/Reports/20211203-Cypress-Market-Outlook.pdf#new_tab) - - Psychology composite hasn’t budged, but our Short-Term Sentiment Composite is approaching pessimism. - Bond Momentum buy signal is working in our favor. - Charlie Munger calls this market “even crazier than the dot-com era.”
- [World Wrap](/wp-content/uploads/Research/Reports/20211127-World-Wrap.pdf#new_tab) - - All major asset classes declined on concerns of a new Covid variant. Treasuries rallied strongly on Black Friday. - Energy stocks were the only safe haven as every other major sector and factor declined. - Argentina led all international equity declines, correcting by more than 15% over the course of the week. - Initial Jobless claims have plunged to the lowest level since 1969.
- [COTW - A market warning from the NASDAQ High Logic Index](/wp-content/uploads/Research/Reports/20211124_COTW.pdf#new_tab) - [et_pb_section fb_built=”1″ _builder_version=”3.22.3″ custom_padding=”0px|||”][et_pb_row _builder_version=”3.22.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_2″ _builder_version=”3.0.47″][et_pb_text admin_label=”Summary” _builder_version=”3.22.5″] Investor Psychology drops further, hitting levels last seen in early 2018. The stock market highs have short term breadth problems. The yield curve has quickly faded from headlines. [/et_pb_text][/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.0.47″][et_pb_text admin_label=”PDF Download” _builder_version=”3.22.2″]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [World Wrap](/wp-content/uploads/Research/Reports/20211122-World-Wrap.pdf#new_tab) - - US Equities and Treasuries rallied modestly, while international equities and commodities moved lower. - Broad US equities moved higher, but there was significant dispersion. Only 3 of 8 US sectors advanced, and pure Growth was the only factor to move higher. - US equities and Asia ex China were the only sources of equity price strength. 39 of 45 countries declined. - Commodities may have declined, but Lumber bucked the trend surging a whopping 24.5% in a week to a higher high.
- [Market Outlook - Bond Momentum Buy Signal Confirmed](/wp-content/uploads/Research/Reports/20211119-Cypress-Market-Outlook.pdf#new_tab) - - First initial buy signal for Long Bond Momentum (for Treasuries) since the end of 2018. - Net Levered ETF sentiment signals record enthusiasm for stocks.
- [World Wrap](/wp-content/uploads/Research/Reports/20211115-World-Wrap.pdf#new_tab) - - US Treasuries were the worst performer followed by US Equities. Intl stocks and commodities moved higher. - Consumer Discretion was hard hit, declining 3.2% - largely as a result of a 15%+ decline in TSLA, which makes up nearly 20% of the sector. - Emerging markets rallied 1.7%, driven by a 3.5% increase in Chinese equities. - Natural gas and Lumber declined, falling by 13.1% and 6.3% respectively. Bitcoin and gold moved higher.
- [Market Outlook - Is it time to Buy Bonds?](/wp-content/uploads/Research/Reports/20211112-Cypress-Market-Outlook.pdf#new_tab) - - Never shy about being contrarian - our Bond Momentum Indicator is on the cusp of a buy signal. - Investor psychology moves back to super-enthusiasm.
- [World Wrap](/wp-content/uploads/Research/Reports/20211106-World-Wrap.pdf#new_tab) - - Equities moved higher, and commodities finally declined. US Equities outperformed all asset classes. - With Large Growth pulling close to taking the style box lead, Small Value was having none of it, putting in a monster 7.1% rally for the week. - Emerging markets and China cannot catch a break. Emerging markets were flat, and China declined 2.2% - A whopping 531k jobs were created in October, just a month after most unemployment extensions expired. Funny how that works.
- [Market Outlook - Are you playing Chess or Checkers?](/wp-content/uploads/Research/Reports/20211105-Cypress-Market-Outlook.pdf#new_tab) - - Equity call options volume is making another speculative surge. - Inflation, psychology and valuations versus Liquidity, Technicals, and Seasonality.
- [World Wrap](/wp-content/uploads/Research/Reports/20211030-World-Wrap.pdf#new_tab) - - An 8.7% jump in Tesla's stocks price was responsible for almost 15% of the performance of US equity markets this week. - Growth stocks had such a strong week relative to value, that Large Growth pulled within 2% of 2021's performance leader Small Cap Value. - A 4.3% decline in Chinese equities took emerging markets down with it. Emerging market equities are flat on the year. - US Treasuries rebounded from recent losses. Prices on 20Yr Treasuries climbed more than 3%.
- [Market Outlook - Bond Vigilantes impact Monetary Conditions](/wp-content/uploads/Research/Reports/20211028-Cypress-Market-Outlook.pdf#new_tab) - - Bond market inflation expectations hit a new high - same for consumers. - Market Internals improve - NYSE Advance/Decline line makes a new high. - New all-time high for the Rydex Ratio
- [World Wrap](/wp-content/uploads/Research/Reports/20211025-World-Wrap.pdf#new_tab) - - Stocks advanced while Treasuries and commodities declined. REITs outperformed all major asset classes. - Outside of Real Estate, Healthcare and Utilities were the best performing sectors. - International equities moved higher, but performance was soft. Brazil declined more than 11% for the week. - Most commodities took a breather, except for crude oil which continued to climb. Gold and silver also had strong performance.
- [Market Outlook - A World Looking for Inflation Hedges](/wp-content/uploads/Research/Reports/20211022-Cypress-Market-Outlook.pdf#new_tab) - - MRI moves up to 80.9%. - Monetary composite deteriorates as belief in transitory inflation narrative continues to fade. - Short-Term Sentiment Composite surges back into enthusiasm territory. - Valuation determines whether a financial asset is a good inflation hedge, not its historical returns.
- [World Wrap](/wp-content/uploads/Research/Reports/20211017-World-Wrap.pdf#new_tab) - - Led by Real Estate and Commodities, all asset classes moved higher for the week. - After struggling since their peak in May, Transportation stocks showed signs of life, advancing by 3.8%. - A broad weekly advance for international equities, as more than 90% of tradeable countries moved higher. - Lumber and copper both climbed by 10%. Crude oil was up 3.8%
- [Market Outlook - MRI climbs to 80%](/wp-content/uploads/Research/Reports/20211015-Cypress-Market-Outlook.pdf#new_tab) - - Monetary composite drove MRI higher. Higher corporate and municipal bond yields are the culprit. - Improvements to psychology composite stalled.
- [World Wrap](/wp-content/uploads/Research/Reports/20211009-World-Wrap.pdf#new_tab) - - Global equities rebounded, and Treasury yields moved higher. - Pure value had solid performance while Pure Growth declined. Energy and Financials outperformed. - Fixed income declined across the board. The price of a 30Yr Treasury declined by 2.7%. - Soft September jobs report is likely to give way to positive surprises in October as federal unemployment benefits expired in September.
- [Market Outlook - AAII Survey signals investor pessimism](/wp-content/uploads/Research/Reports/20211008-Cypress-Market-Outlook.pdf#new_tab) - - Individual investors start to grow pessimistic, improving the Psychology composite modestly. - Baa corporate bond yields are creeping higher. It hurt the Monetary composite this week.
- [Q3 2021 World Wrap](/wp-content/uploads/Research/Reports/2021_Q3-World-Wrap.pdf#new_tab) - - Q3 asset class performance implied a shift toward stagflation concerns. Commodities were strong, and international equities declined more than 4%. - Pure Growth and Technology dominated Q3, but Pure Value, Energy, and Financials still hold a sizeable lead in 2021 ytd performance. - Emerging markets continued to soften, declining 8% for the quarter and closing in negative territory ytd. Concerns about credit and leverage in China linger. - Lumber passed the baton to Natural Gas, which had a monster 59.6% return in Q3, while Lumber declined 14.8%.
- [Market Outlook - Short-Term Sentiment turns negative for the first time in 11 months.](/wp-content/uploads/Research/Reports/20211001-Cypress-Market-Outlook.pdf#new_tab) - - Monetary composite drives MRI higher. ISM Price Index is still running too hot. - Short-term sentiment composite ends an eleven-month streak of positive readings.
- [World Wrap](/wp-content/uploads/Research/Reports/20210927-World-Wrap.pdf#new_tab) - - Mixed week for asset classes - US equities and commodities rallied, while international equities and US Treasuries declined. - Small caps, Value stocks, Energy, and Financials outperformed. Energy stocks climbed 4.7%. - China declined again, falling 2.8% last week and down more than 17% ytd. - Treasury yields climbed as did key commodities. Crude oil was up 3% and Lumber 4.5%.
- [Market Outlook - The Rule of 2021...if it dips, buy it.](/wp-content/uploads/Research/Reports/20210924-Cypress-Market-Outlook.pdf#new_tab) - - MRI reverses, moves up to 77.7% - Another small dip gives speculators another opportunity to buy it, and they didn't disappoint. - Equity return forecast hits a new all-time low.
- [World Wrap](/wp-content/uploads/Research/Reports/20210918-World-Wrap.pdf#new_tab) - - Global equities declined, while Treasuries and Commodities moved higher. - Small caps bucked the market's trend and rallied. So did Energy stocks. - It was a difficult week for Emerging markets, as Chinese equities dropped 4.8% on credit market concerns. - Natural gas prices climbed 3.4% bringing the year to date gains to 93.2%.
- [Market Outlook - An Easy Money, Expensive Stock Market](/wp-content/uploads/Research/Reports/20210917-Cypress-Market-Outlook.pdf#new_tab) - - Monetary composite improvement helps Market Risk Index score. - AAII survey suggests individual investors got more nervous this week. - Equity valuations and falling bond yields drive return expectations for 60/40 into negative territory for the first time.
- [World Wrap](/wp-content/uploads/Research/Reports/20210912-World-Wrap.pdf#new_tab) - - US and International equities declined with US equities faring notably worse. Treasuries offered only a modest safe-haven. - No sectors or factors advanced. Value is having a good year except in the Large Caps, where Growth is still king. Large growth is close to leading all styles yet again. - A 1% advance by China helped Emerging markets outperform US equities, but China is still down more than 10% year-to-date. - Natural gas prices climbed 4.7% and are up more than 85% year to date.
- [Market Outlook - The Golden Age of Grift](/wp-content/uploads/Research/Reports/20210910-Cypress-Market-Outlook.pdf#new_tab) - - Monetary conditions improve again, but PPI inflation prevents a bullish setup. - Record euphoria in our Levered ETF Sentiment indicator. - Revisiting Dow 36,000 - Fed Governors of Grift
- [World Wrap](/wp-content/uploads/Research/Reports/20210904-World-Wrap.pdf#new_tab) - - Everybody's a winner! All the major asset classes finished in positive territory for the week. - Five of nine sectors advanced. Energy and Financials struggled, while Healthcare and Staples outperformed. - Emerging markets had a solid week, advancing 3.4%, as China bounced 4.3%. - Lumber bounced more than 15%. As severe a thrashing that lumber has seen since May, prices are still up nearly 50% over the last year.
- [Market Outlook - In 2021, be greedy when others are greedy](/wp-content/uploads/Research/Reports/20210903-Cypress-Market-Outlook.pdf#new_tab) - - Monetary conditions improve modestly, but inflation is a headwind. - New records in leveraged stock market bets.
- [World Wrap](/wp-content/uploads/Research/Reports/20210828-World-Wrap.pdf#new_tab) - - Commodities and global equities bounced back, and the price of Treasury bonds fell. Commodities advanced 7% for the week. - Styles and factors imply that last week was a pure risk on rally. Only Low Volatility, Healthcare, Utilities, and Staples declined. - Emerging markets rallied 4.8% to push the year to date return back into positive territory. - Broad rally across commodities, from precious metals to Energy, Lumber, and copper.
- [Market Outlook - No Smoking Gun for Market Technicals](/wp-content/uploads/Research/Reports/20210827-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index drops below the 80th percentile. - More signs of deteriorating breadth on market rallies, but no smoking gun.
- [World Wrap](/wp-content/uploads/Research/Reports/20210823-World-Wrap.pdf#new_tab) - - Global equities and commodities declined, while Treasuries rallied. Intl equities and commodities were particularly hard hit. - Value stocks and economically sensitive sectors struggled. Energy stocks dropped 7%. - Emerging markets fell nearly 5%, as Chinese equities declined by more than 7%. China is down 18.9% ytd. - International fixed income yields moved higher as the US dollar rallied. The lumber slide continues, falling another 10% last week.
- [Market Outlook - Inflation is ticking consumers off...](/wp-content/uploads/Research/Reports/20210820-Cypress-Market-Outlook.pdf#new_tab) - - Big drop in Michigan's Sentiment Survey, unusual outside of a recession or bear market. - Hindenburg Omen and Titanic Syndrome sell signals in tandem. - NASDAQ High Low Logic Index creeps higher.
- [World Wrap](/wp-content/uploads/Research/Reports/20210816-World-Wrap.pdf#new_tab) - - All asset classes moved higher with the exception of Real Estate. - Most sectors advanced, but the Energy, Technology and Consumer Discretion sectors were notably soft. - Emerging markets struggled again, except it was the rest of Asia dragging down emerging stocks instead of China last week. - Another slide for Lumber prices, while Bitcoin continued to climb sharply.
- [Market Outlook - Don’t become insensitive to a speculative environment.](/wp-content/uploads/Research/Reports/20210813-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index edged higher. - Technical Indicators, and market breadth, hurt Psychology, but nothing is sounding an alarm. - PPI Inflation moves even higher. - Never forget about the margin of safety.
- [World Wrap](/wp-content/uploads/Research/Reports/20210807-World-Wrap.pdf#new_tab) - - Equities advanced broadly, while prices of US Treasuries and commodities declined. - Strong week for Financials and Utilities. Consumer Staples was the only sector that didn't finish in the green. - Both lumber and oil sold off sharply, while Bitcoin extended its gains for another week. - Unemployment rate fell to 5.4% in July, and bonds sold off across the board.
- [Market Outlook - Consumers are confident but not positive.](/wp-content/uploads/Research/Reports/20210806-Cypress-Market-Outlook.pdf#new_tab) - - Monetary conditions improve to 50th percentile. - Widest gap between Consumer Confidence and Consumer Sentiment in over 50 years. - De-Trended Equity Put/Call ratio signals buy the same week the market made new highs for the first since the summer of 1998.
- [World Wrap](/wp-content/uploads/Research/Reports/20210731-World-Wrap.pdf#new_tab) - - A mixed week for asset classes - both US and international equities declined. Real Estate and commodities advanced. - Most style factors moved higher with the notable exception of Large Cap and Large Cap Growth stocks. - It was another difficult week for emerging markets, weighed down by China. China declined more than 6% and is down 12.3% ytd. - A short squeeze and positive comments from Elon Musk pushed Bitcoin higher by 20%.
- [Market Outlook - Liquidity versus Inflation](/wp-content/uploads/Research/Reports/20210730-Cypress-Market-Outlook.pdf#new_tab) - - Recent shifts in monetary conditions reveal a dichotomy of an improving liquidity picture constrained by inflation pressures.
- [World Wrap](/wp-content/uploads/Research/Reports/20210726-World-Wrap.pdf#new_tab) - - US equities struggled at the start of the week, only to finish the week at new highs. Commodities also rallied, while international stocks declined. - Large Growth stocks have pulled within a couple of percent of Small Cap Value, closing what was a substantial performance gap over the last three months. - Emerging markets slid more than 2% as China finished the week down 3.7%. China is down 6.6% ytd. - Lumber prices staged their first bounce, climbing more than 18%. Natural gas prices climbed more than 10% and are up more than 50% ytd.
- [Market Outlook - Banks loosen the purse strings](/wp-content/uploads/Research/Reports/20210723-Cypress-Market-Outlook.pdf#new_tab) - - MRI improves on Bank Sentiment and falling yields. Banks are easing lending standards. - The Technical Indicators category deteriorated enough to become one of the largest detractors within the Psychology composite.
- [World Wrap](/wp-content/uploads/Research/Reports/20210718-World-Wrap.pdf#new_tab) - - All asset classes advanced modestly, except US equities. After making new all-time highs early in the week, US stocks finished the week down 1%. - Utilities and low vol stocks were a safe haven in a down week. All style boxes declined. Mid and small cap stocks were particularly hard hit. - Emerging market stocks advanced 1.7% as China continues to dance to a different beat. Chinese stocks advanced more than 2% but are still down 3% ytd. - Lumber prices fell more than 20% last week and are down almost 70% from the all-time-highs in May, bringing the 1yr return down to 2%.
- [Market Outlook - Inflation has the full attention of consumers.](/wp-content/uploads/Research/Reports/20210716-Cypress-Market-Outlook.pdf#new_tab) - - Highest PPI inflation since 1974. - Consumer concern about high home and auto prices set a new record.
- [World Wrap](/wp-content/uploads/Research/Reports/20210710-World-Wrap.pdf#new_tab) - - A mixed week for asset classes. US stocks and Treasuries advanced, while commodities and intl stocks declined. Real Estate was the big winner. - Strength in big cap growth masked weakness under the surface. Small-caps, mid-caps, and value stocks all declined. - A difficult week for emerging market equities as Chinese equities fell by more than 4%. China is down 6.2% ytd. - Lumber sank 7% to a lower low and is down 58% from it's all-time-high in May, but it's still up more than 40% from last year.
- [Market Outlook - Unreasonable Investor Expectations](/wp-content/uploads/Research/Reports/20210709-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs back above 90%. - Individual investor equity return expectations climb above dot com era levels. - Lots of charts of new records, in sentiment, valuations, investor leverage...
- [Q2 2021 World Wrap](/wp-content/uploads/Research/Reports/2021_Q2-World-Wrap.pdf#new_tab) - - After one of their longest stretches of secular underperformance, commodities are off to their strongest year since 2008, leading all asset classes. - Value stocks continue to hold a strong performance advantage at the end of the first half of 2021. - Developed markets hold a slight edge over emerging. China, up less than 2% ytd, has weighed on emerging market performance. - In a matter of weeks, lumber has gone from the best performing commodity to one of the worst. Lumber closed the quarter down 55% from its May all-time-high.
- [World Wrap](/wp-content/uploads/Research/Reports/20210627-World-Wrap.pdf#new_tab) - - Risk assets shook off the Fed chatter from the prior week and recovered losses while Treasury yields climbed higher in one of their worst weeks of 2021. - Everybody was a winner - all sectors and styles moved higher. The S&P 500 made a new all-time high. - Emerging Asia countries were the only week spot among international equities. - Bitcoin and Lumber both declined more than 10%. Lumber prices have fallen more than 55% in less than two months.
- [Market Outlook - The First Technical Warts of 2021](/wp-content/uploads/Research/Reports/20210625-Cypress-Market-Outlook.pdf#new_tab) - - This was the first week in 2021 where the market showed signs of losing some of its technical luster. Note - we will be traveling next week and will only produce a Market Outlook should unusual market or model conditions warrant it.
- [World Wrap](/wp-content/uploads/Research/Reports/20210619-World-Wrap.pdf#new_tab) - - Learning that the Fed Funds rate might climb by 25bps within the next 15 months was enough to push risk assets down by 2-3%. Treasury prices moved higher. - Value stocks were hit hard - down 4 to 5%. Large Cap Growth and Tech were safe-havens for the week. - Peruvian stocks declined by double digits for the second week in a row. The country is the world's worst performer, now down more than 20% ytd. - Both the US dollar and long duration Treasuries rallied by more than 2%. Lumber fell another 15% and is down 47% from its all-time high in May.
- [Market Outlook - Fastest Producer Price Inflation since 1974](/wp-content/uploads/Research/Reports/20210618-Cypress-Market-Outlook.pdf#new_tab) - - PPI inflation above 10% is associated with stock market returns of -8.9% annualized, explaining how the inflation basket has become such a big detractor in the Monetary composite in the face of a wall of liquidity and easy money. - We’re comfortable holding some additional cash until we see a more substantial break in investor euphoria, inflation pressures, or both.
- [World Wrap](/wp-content/uploads/Research/Reports/20210612-World-Wrap.pdf#new_tab) - - For the third week in a row, all asset classes moved higher. Real Estate was the big winner, up more than 3%. - The tug of war between growth and value favored growth for the week, as value stocks lagged. - Peruvian stocks dropped 12.4% after socialist labor leader Pedro Castillo won Peru's presidency. - Lumber prices declined a whopping 17.5% last week and is now down more than 37% from the all-time high in May, assuaging some inflation concerns.
- [Market Outlook - Don’t fight the Fed - Front-run them.](/wp-content/uploads/Research/Reports/20210611-Cypress-Market-Outlook.pdf#new_tab) - - Investor sentiment improvements have proven elusive, and the leading inflation headwind inside the monetary composite could take several months to resolve itself. A correction would improve both.
- [World Wrap](/wp-content/uploads/Research/Reports/20210605-World-Wrap.pdf#new_tab) - - All major asset classes advanced for the second week in a row, but it was a big week for inflationary sensitive asset classes like commodities and real estate. - It was a monster week for Energy stocks - they climbed 6.7%. The Transports took notice, selling off nearly 2%. - Germany's stock market has overtaken US equities in ytd performance, as German investors embrace US style FOMO. - Commodity strength relied on higher oil prices. Copper, lumber, and precious metals all declined.
- [Market Outlook - Record Prices Paid for ISM Services Index](/wp-content/uploads/Research/Reports/20210604-Cypress-Market-Outlook.pdf#new_tab) - - No signs of inflation or investor euphoria pressures easing.
- [World Wrap](/wp-content/uploads/Research/Reports/20210529-World-Wrap.pdf#new_tab) - - It was a solid week for financial assets broadly - all major asset classes advanced. - Risk off assets declined - utilities, staples, low volatility stocks struggled. - Emerging markets outperformed again on another big week from China. China crossed into positive territory ytd. - Has lumber finally peaked? It has declined more than 20% from its all-time high in early May.
- [Market Outlook - Is the Plateau Permanent or Transitory?](/wp-content/uploads/Research/Reports/20210528-Cypress-Market-Outlook.pdf#new_tab) - - For the third week in a row, our psychology and valuation composites are pegged at the 100th percentile.
- [World Wrap](/wp-content/uploads/Research/Reports/20210523-World-Wrap.pdf#new_tab) - - It was a positive week for International equities, Real Estate, and Treasuries but a down week for US stocks and commodities. - A zero-sum week for style box investing, as value stocks declined to fuel a modest rally in Growth stocks. - Emerging markets outperformed after China finally managed to stage a rally. Chinese equities are still down YTD. - Except for strength in precious metals, commodities struggled and declined. Bitcoin fell by more than 25% over the week.
- [Market Outlook - Psychology Crosscurrents](/wp-content/uploads/Research/Reports/20210521-Cypress-Market-Outlook.pdf#new_tab) - - NASDAQ High Low Logic triggers its first major sell signal since before the pandemic. - De-Trended Equity Put/Call Ratio triggers its first major buy signal since the bear market bottom. - Regardless of these conflicting signals, speculative sentiment across markets remains high.
- [World Wrap](/wp-content/uploads/Research/Reports/20210515-World-Wrap.pdf#new_tab) - - Correlations "went to one" last week as all major asset classes declined together. Commodities were hit hardest. - Most of the selling pressure was focused on Growth, Momentum, and Tech stocks. - Emerging markets slid by more than 3% on continued weakness in Chinese equities. China is down more than 4% year to date. - Crude oil and gold climbed slightly, while lumber had a 7% pullback from a steady string of new all-time highs. Bitcoin dropped another 11%.
- [Market Outlook - Making Policymakers Sweat](/wp-content/uploads/Research/Reports/20210514-Cypress-Market-Outlook.pdf#new_tab) - - PPI Inflation accelerated in April, ensuring that inflation will be part of the stock market narrative for several months. - Anecdotal evidence that retail trader risk-taking is softening, but we aren't seeing it in the psychology composite yet.
- [World Wrap](/wp-content/uploads/Research/Reports/20210510-World-Wrap.pdf#new_tab) - - Inflation sensitive asset classes continue to dominate year to date performance. - The Energy sector was up a whopping 8.9% last week and has climbed over 40% thus far in 2021. - Still no traction for emerging markets. China was down more than 2% and is in the red for 2021. - Another new all-time high for lumber prices after climbing 12.4% last week. Lumber is up more than 400% over the last 12 months.
- [Market Outlook - Inflation Pressures Aren’t Letting Up](/wp-content/uploads/Research/Reports/20210507-Cypress-Market-Outlook.pdf#new_tab) - - ISM Price Index climbs again. - Dogecoin market cap surpasses General Motors and British Petroleum.
- [World Wrap](/wp-content/uploads/Research/Reports/20210503-World-Wrap.pdf#new_tab) - - Stocks were flat, and inflation sensitive asset classes rallied. - It was a difficult week for growth and momentum, but energy stocks rallied more than 3%. - Emerging markets continue to struggle - trading more like a stagflationary environment than reflationary one. China declined 1.75%. - Lumber prices climbed another 9% to all-time highs and are up nearly 370% over the last 12 months.
- [Market Outlook - The Confident Consumer is Back](/wp-content/uploads/Research/Reports/20210430-Cypress-Market-Outlook.pdf#new_tab) - Market Risk Index falls as velocity continues to improve. Consumers have never been so confident this early in economic recovery. Sell in May in a post-election year. Tobin's Q...is really dang high.
- [World Wrap](/wp-content/uploads/Research/Reports/20210424-World-Wrap.pdf#new_tab) - - Stocks declined, but real estate, commodities and Treasury prices all climbed higher. - Less than half the sectors moved higher. Healthcare had a strong week, up 1.8%. - Emerging markets managed to squeeze out a positive return, thanks to another strong week from Chinese equities. - Building a home got even more expensive. Lumber was up another 6% and is up more than 320% over the last 12 months. Bitcoin declined by 19%.
- [Market Outlook - A Broken Slot Machine](/wp-content/uploads/Research/Reports/20210423-Cypress-Market-Outlook.pdf#new_tab) - - Our measure of monetary velocity is positive for the first time since late 2017. - Money isn't on the sidelines - it's in the market.
- [World Wrap](/wp-content/uploads/Research/Reports/20210418-World-Wrap.pdf#new_tab) - - It was a broad advance for all asset classes, the first week in quite some time without any glaring divergences. - Sectors and style boxes mostly advanced as well, although Large Caps outperformed. - Developed markets outperformed emerging, but China finally managed to put in a positive weekly return. - Long duration Treasuries rallied more than 1.5%. Lumber also rallied another 15%. Lumber prices are closing in on a 300% gain over the last 12 months.
- [Market Outlook - Fastest Margin Debt Growth Since 2000](/wp-content/uploads/Research/Reports/20210416-Cypress-Market-Outlook.pdf#new_tab) - - A week of solid breadth, resets the bear market clock. - New records in Levered ETF Sentiment and Corporate Insider selling. - Margin Debt growth surpassed 70% year over year. - A $100 million dollar New Jersey deli?
- [World Wrap](/wp-content/uploads/Research/Reports/20210411-World-Wrap.pdf#new_tab) - - All major asset classes (when cap-weighted) moved higher, led by US equities. - It was a theme of Large cap strength last week, particularly for Large Cap Growth. Small caps actually declined, as did Energy stocks. - Good week for developed mkts, but not emerging. China declined by more than 2%, as their attempt to normalize policy continues to weigh on equity prices. - Lumber prices climbed another 10% to new all-time highs and are up nearly 250% over the last 12 months.
- [Market Outlook - Producer Price Inflation is the highest since 2008](/wp-content/uploads/Research/Reports/20210409-Cypress-Market-Outlook.pdf#new_tab) - - Velocity turns positive, and PPI inflation surpasses 10%. Markets tend to struggle when PPI growth surpasses 5% and even more so above 10%. - Short-term technicals improve over last week, and pre-pandemic lows are in sight for VIX. - NASDAQ High Low Logic Index triggers its first warning of the bull market. - New highs in AAII bullish sentiment and Leveraged ETF sentiment.
- [Q1 2021 World Wrap](/wp-content/uploads/Research/Reports/2021_Q1-World-Wrap.pdf#new_tab) - - Treasuries experienced their worst quarter since the early 80s, and commodities lead all asset classes on a rebound in oil prices. - After being the worst (best) performer for 4 of the last 6 years, small value (large growth) is the best (worst) performer year to date. - China equities, down thus far in 2021, have been holding back emerging market equity performance. - It was a difficult quarter for fixed income. High yield is the only sector still positive in 2021. Meanwhile, Bitcoin doubled in Q1.
- [Market Outlook - Expectations, Omens, Syndromes, and Inflation](/wp-content/uploads/Research/Reports/20210402-Cypress-Market-Outlook.pdf#new_tab) - - ISM Price Index is still running hot. - AAII Allocation survey shows individuals have embraced the bull. - Minor sell signal in NASDAQ High Low Logic Index - Consumer Expectations shoot higher.
- [World Wrap](/wp-content/uploads/Research/Reports/20210327-World-Wrap.pdf#new_tab) - - US Equities rallied as the VIX closed below 19 for the first time since the pandemic began. Intl equities and commodities declined. - Cap-weighted sector and style indices masked the weakness across small and mid-cap stocks last week, as both small and mid-cap stocks declined. - Chinese equities declined by more than 4% last week and are down ytd. Twitter rumors circulating that a major Chinese family office was forced to unwind. - Treasuries staged a modest rally last week. Meanwhile, the US Dollar continues to trend higher after bottoming in early January.
- [Market Outlook - Overconfidence is Pervasive](/wp-content/uploads/Research/Reports/20210326-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index ticks up to 96.6%. - Psychology hits 100% again. - Data-mining valuation to curve fit our way into giving valuations the benefit of the doubt.
- [World Wrap](/wp-content/uploads/Research/Reports/20210320-World-Wrap.pdf#new_tab) - - Commodities sold off on a 6% drop in crude oil prices. International equities were the only asset class that managed to squeeze a positive return from the week. - No more love for Growth. Large growth stocks are still in negative territory year to date. - Emerging market gains have slowed as Chinese equities have spent the month of March in an official correction. - Long duration Treasuries have entered a bear market after falling more than 20% from their 2020 peak.
- [Market Outlook - The Inflation Narrative isn’t going away.](/wp-content/uploads/Research/Reports/20210319-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk climbed to 96.5, after the Monetary Composite breached the 90th percentile. - The Inflation category is now the largest headwind for the Monetary composite. - Philly Manufacturing Prices Paid Index climbs to the highest level in 40 years. - Bond Momentum not giving the all-clear for Treasuries.
- [World Wrap](/wp-content/uploads/Research/Reports/20210313-World-Wrap.pdf#new_tab) - - Risk assets rallied, and REITs put in the strongest showing. US Treasuries declined. - Quality and growth continue to struggle as risk seeking investors embrace value and unloved areas of the market. - Developed markets beat emerging markets. Weakness in Chinese equities continue to weigh on emerging market indices. - Treasury yields have reached levels that have stabilized the US dollar, but there are still no short-term signs that yields have stopped rising.
- [Market Outlook - Party On, Retail](/wp-content/uploads/Research/Reports/20210312-Cypress-Market-Outlook.pdf#new_tab) - - MRI climbs to 96.3, the 13th consecutive weekly increase.
- [World Wrap](/wp-content/uploads/Research/Reports/20210306-World-Wrap.pdf#new_tab) - - A modest weekly performance in asset classes masks what was the most volatile week of 2021 thus far. - Growth's pain was Value's gain. Value stocks rose more than 5% as growth stocks declined 4.8%. - The dollar rallied, and bond prices still fell. The 20yr Treasury is down 11.9% year to date. - Most major commodities struggled, but crude oil did the heavy lifting. Oil climbed nearly 8% for the week.
- [Market Outlook - ISM Price Index hits the highest level since 2008](/wp-content/uploads/Research/Reports/20210305-Cypress-Market-Outlook.pdf#new_tab) - - MRI at 96.1 - inflation and interest rate rates of change are responsible for the deterioration. - Short-term sentiment isn't giving aggressive dip-buyers much in the way of contrarian evidence.
- [World Wrap](/wp-content/uploads/Research/Reports/20210301-World-Wrap.pdf#new_tab) - - Risk assets declined, except for commodities, which climbed on higher oil prices. Strength last week was largely confined to sectors and countries tied to oil prices. - It was a challenging week for growth and momentum stocks. The darling of 2020, Large Cap Growth, was down year to date through Friday's close. - Emerging market stocks were hit hard, down more than 6%, as Chinese equities declined almost 10%. - Fixed income sectors are all negative ytd, with one exception, high yield. Junk bonds held onto a positive return.
- [Market Outlook - High Vol, Low Fear, and a Steeper Yield Curve](/wp-content/uploads/Research/Reports/20210226-Cypress-Market-Outlook.pdf#new_tab) - - Psychology didn't budge this week, other than a spike in volatility. - The yield curve slope has normalized, and it is breaking all the records...and norms.
- [World Wrap](/wp-content/uploads/Research/Reports/20210221-World-Wrap.pdf#new_tab) - - Commodities and international equities were the only bright spots last week. Commodities continue to signal building inflationary pressures. - Value beat out Growth. It was one of the first weeks this year where the style factor was more important than market capitalization. - The median country return is lagging. Most international performance has been driven by China and Asian equities ytd. - Lumber futures broke above 1,000 for the first time. Prices on 20Yr Treasuries had a rough week, declining 2.7%.
- [Market Outlook - Inflation is becoming more of a headwind.](/wp-content/uploads/Research/Reports/20210219-Cypress-Market-Outlook.pdf#new_tab) - - The inflation category has become one of the largest detractors from our Monetary composite. - More euphoria records broken within investor psychology.
- [World Wrap](/wp-content/uploads/Research/Reports/20210213-World-Wrap.pdf#new_tab) - - A strong week for all risk assets except Treasuries. Commodities lead all asset classes year to date. - One of last year's big laggards, small caps, are off to a strong start. The same can't be said for value, which is running even with growth. - The out-performance gap between Emerging and Developed markets widened. - A down dollar sent commodity prices higher. The coming week may be key to see if the dollar can put in another higher low.
- [Market Outlook - Short-Term Sentiment sets a new record](/wp-content/uploads/Research/Reports/20210212-Cypress-Market-Outlook.pdf#new_tab) - - Corporate Insiders keep selling what retail traders are buying. - Market hits overbought levels for the first time since November.
- [World Wrap](/wp-content/uploads/Research/Reports/20210206-World-Wrap.pdf#new_tab) - - Big rebound for equities after closing January in the red. Commodities had a strong week as well on a nearly 9% jump in crude oil prices. - Growth has a slight edge over value year to date, but the biggest out-performance story five weeks into 2021 is small caps over large caps. - Emerging markets have opened a sizable performance gap over develop markets. - After bottoming on January 5th, the dollar put in a short-term higher high this week, the first since last summer.
- [Market Outlook - Inflation pressures continue to build](/wp-content/uploads/Research/Reports/20210205-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to the highest level since 2008. - Monetary conditions soften on inflation pressures. - ISM Price Index hits the highest level since 2011. - Margin Debt to Corporate Net Worth bests the 1929 peak.
- [World Wrap](/wp-content/uploads/Research/Reports/20210130-World-Wrap.pdf#new_tab) - - Commodities lead all asset classes ytd as January ends. A big down week for US equities took away the gains for the month. - Small cap stocks are off to a strong start in 2020, while large cap stocks finished the month in the red. - Emerging markets are leading and positive ytd. Developed equities finished the month with a negative return. - In spite of all the GameStop news and volatility in equity markets, there was little concern in the bond market or the US dollar.
- [Market Outlook - Valuation joins Psychology in the 100 Percentile Club](/wp-content/uploads/Research/Reports/20210129-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 93.9%, breaching the Jan-Feb 2020 peak. - Valuation composite sets a new high watermark.
- [World Wrap](/wp-content/uploads/Research/Reports/20210123-World-Wrap.pdf#new_tab) - - Commodities were the only asset class to see a week over week decline. International equities lead all asset classes early in 2021. - The broad advances among sectors that we saw in December have faded. Instead, each wk of Jan has been a tug of war among key sectors. - Asian stocks, up 6.9%, are largely responsible for the out performance of international equities ytd. - Bitcoin fell nearly 10% last week and is more than 20% off its January highs. Oil was down slightly, weighing down the broad commodity indices.
- [Market Outlook - The frogs are getting warmer...](/wp-content/uploads/Research/Reports/20210122-Cypress-Market-Outlook.pdf#new_tab) - - Model recommends decreasing equity exposure by 10%, as the Market Risk Index climbs to 92.9% on a jump in the Monetary composite risk score. - Still no signs of a let-up in speculative behavior. - Valuations on small and mid-cap stocks have driven return expectations below zero.
- [World Wrap](/wp-content/uploads/Research/Reports/20210116-World-Wrap.pdf#new_tab) - - REITs and Commodities rallied, while US and International equities declined. Commodities and Intl equities lead ytd. - Thus far, the worst sectors and styles are starting 2021 with the strongest performance. Large growth stocks are the only style box down ytd. - Emerging markets have had a strong start to 2021, and speculation in call options has spread to emerging market ETFs. - Crude oil is up more than 10% ytd, driving broad commodity indices higher. Treasury yields continue to climb.
- [Market Outlook - Psychology Composite sets new all-time record for Euphoria](/wp-content/uploads/Research/Reports/20210115-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs above 90% on deterioration in Monetary and Psychology composites. - No signs of a let up in speculative enthusiasm from investors.
- [World Wrap](/wp-content/uploads/Research/Reports/20210109-World-Wrap.pdf#new_tab) - - The first week of 2021 was an inflationary driven move in asset classes - commodities and Intl stocks rallied, while Treasuries and REITs sold off. - The same held true for sectors - Energy and Materials climbed more than 6%, and Utilities fell. - Prices on the 20 Year Treasury fell 3.8%. Prices on corporate bond yields declined as well. - Bitcoin has gone parabolic, climbing more than 34% in a single week. The move higher in commodities was broad.
- [Market Outlook - Are inflation pressures building?](/wp-content/uploads/Research/Reports/20210108-Cypress-Market-Outlook.pdf#new_tab) - - Psychology, Monetary and Valuation composites all deteriorated this week, driving MRI higher. - Margin debt growth drives Psychology higher. Breadth still looks good. - Inflation category hurts Monetary composite. ISM Price Index sees the fastest trough to peak turnaround since 1975.
- [World Wrap](https://www.cypresscapital.com/wp-content/uploads/Research/Reports/20201018-World-Wrap.pdf#new_tab) - - US stocks up modestly, while international stocks declined. US REITs were the worst performing asset class. - A choppy week - US stocks moved higher but more sectors declined than advanced. - Chinese stocks climbed 2.6% last week- China's equity markets are up more than 20% year to date. It's market cap has surpassed its 2015 high. - Both the dollar and US Treasuries rallied modestly. Commodities were mixed.
- [2020 World Wrap](https://www.cypresscapital.com/wp-content/uploads/Research/Reports/2020_Q4-World-Wrap.pdf#new_tab) - - 3 of 5 our key asset classes managed to finish the year in positive territory, with US equities leading for two yrs in a row. - Growth stocks dominated, and 2020 beat the dot com era for growth vs value outperformance. Energy has been the worst sector for 6 of the last 7 yrs. - Emerging market equities beat developed market equities in 2020, led by strength in Chinese equities. - Despite a strong Q4 in credits, it wasn't enough to outperform long duration Treasuries in 2020. Bitcoin finished the year up nearly 300%, and lumber more than doubled.
- [Market Outlook - Punch-drunk on the Fed’s Punch](/wp-content/uploads/Research/Reports/20201231-Cypress-Market-Outlook.pdf#new_tab) - - Dovish Fed is the biggest difference between MRI readings at the start and end of 2020. - Short-term breadth weakens, but the High Low Logic Index has given a new buy signal. - Margin debt growth climbs above 30% - our longstanding rule of thumb for speculative markets vulnerable to correction.
- [World Wrap](/wp-content/uploads/Research/Reports/20201228-World-Wrap.pdf#new_tab) - - Stocks declined modestly, while Treasuries and REITs moved higher during the shortened holiday week. - Only two sectors advanced, Tech and Financials. Energy stocks had another substantial weekly decline. - Momentum in Chinese equities is slowing. China declined by 3% last week, are down for the month and lagging most countries for the last 3mos. - Lumber prices advanced by more than 5% and have more than doubled in 2020.
- [World Wrap](/wp-content/uploads/Research/Reports/20201219-World-Wrap.pdf#new_tab) - - Stocks and commodities climbed, while Treasuries and REITs declined. - Sectors went back to the old 2020 playbook, with Tech rallying and Energy falling. There was more than a 7% spread between the two sectors 1-wk performance. - A falling dollar continues to provide a tailwind for international equities, which outperformed US markets for the week. - Treasury yields and commodity prices moved higher as the dollar slid by more than 1%. Bitcoin was up more than 24% setting a new all-time high.
- [Market Outlook - No Vaccine in Sight for the Speculative Fever](/wp-content/uploads/Research/Reports/20201218-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index increases - no signs of a break in speculative behavior. - Breadth still giving the all clear, suggesting more records in stock market enthusiasm will be broken.
- [World Wrap](/wp-content/uploads/Research/Reports/20201212-World-Wrap.pdf#new_tab) - - Global equities declined, while both Treasuries and commodities edged higher. REITs had it the worst, falling more than 2%. - In a week of mostly declines, the Energy sector, midcaps, and small caps were standouts for managing to finish the week in positive territory. - The median country return was flat. Developed markets declined slightly, but Emerging markets were up. China declined again this week. - 20Yr Treasury prices were up more than 2%, as the US dollar managed to buck recent trends and close higher.
- [Market Outlook - 2020 is the Dot-Com Era’s Easy Money Cousin](/wp-content/uploads/Research/Reports/20201211-Cypress-Market-Outlook.pdf#new_tab) - - Hallmarks of euphoria are all around. - The average first day pop in IPOs for the month of December is nearly 100%, a double. The last time that happened was February 2000. - Small money option traders made up more of the total call option volume than ever before – well beyond the 2000 record. - Ignoring signs of euphoria, stock market breadth has been superb.
- [World Wrap](/wp-content/uploads/Research/Reports/20201205-World-Wrap.pdf#new_tab) - - Stocks and REITs rallied while Commodities and Treasuries declined. - Energy led all sectors for the week, and Utilities crossed into negative ytd return territory. Small Cap Value has gone positive for the year. - Emerging markets had a strong week, despite a nearly 2% decline in Chinese equities. - US Dollar declines have accelerated since December began, and gold has finally managed to rally after several losing weeks.
- [Market Outlook - The Unreported Covid Side Effect – Animal Spirits](/wp-content/uploads/Research/Reports/20201204-Cypress-Market-Outlook.pdf#new_tab) - - Sentiment and valuations have the dot-com era firmly in the crosshairs. - The Fed doesn’t make vaccines, so it made the only elixir in its book of financial alchemy – animal spirits.
- [World Wrap](/wp-content/uploads/Research/Reports/20201130-World-Wrap.pdf#new_tab) - - Stocks rallied, while bonds and REITs were flat. Higher oil prices pushed commodity indices higher. - Energy and financials moved sharply higher again last week - Energy has climbed more than 30% in Nov. Value stocks are finally flat on the yr. - Intl developed equities finally managed to outperform Emerging markets during a week, but still lagging significantly ytd. - Purchasing power of the US dollar continues to decline, as the dollar hit fresh new lows for the year.
- [World Wrap](/wp-content/uploads/Research/Reports/20201123-World-Wrap.pdf#new_tab) - - US Equities and REITs declined, but international stocks and commodities moved higher. - Large cap stocks declined but mid and small caps were up broadly. Value stocks were up across the board, and Energy advanced another 5.6%. - International equities climbed, and emerging market stocks have opened a wide performance lead over developed mkts year-to-date. - The dollar fell, and commodities continue to signal reflation with copper, lumber, and crude oil each going up another 4-7%.
- [Market Outlook - Vaccine Euphoria](/wp-content/uploads/Research/Reports/20201120-Cypress-Market-Outlook.pdf#new_tab) - - Vaccine news has driven the risk scores higher on investor psychology and valuations. - Psychology crosses back above the 99th percentile, but this move is more pervasively euphoric than the August one. - Rydex Ratio sets new all-time high, and our short-term sentiment composite reached a six year high. - 2020 is challenging dot-com era valuations in ways that we would never have imagined.
- [World Wrap](/wp-content/uploads/Research/Reports/20201116-World-Wrap.pdf#new_tab) - - Another broad move higher by risk assets. Real Estate finally showing signs of life with an 8% move on the week. - More unwind of the Covid trade. Tech stocks declined, and Energy stocks were up a whopping 17% in a week. - Similar to US sector & style behavior, the two countries with leading ytd returns (China and Denmark) declined, while the year’s worst performers rallied. - Economically sensitive commodities had a strong week, as gold and silver prices moved lower by more than 3%.
- [Market Outlook - Boomers get Bullish](/wp-content/uploads/Research/Reports/20201113-Cypress-Market-Outlook.pdf#new_tab) - - Boomers and Millennials finally agree on something - buy stocks. - Thursday was the single highest number of net insider sales transactions since November 2004. - Breadth hits a key bull market threshold. - Historic one day shift in value versus momentum on vaccine day, suggesting a change in leadership is coming.
- [World Wrap](/wp-content/uploads/Research/Reports/20201109-World-Wrap.pdf#new_tab) - - Risk assets moved higher post-election with US equities attempting to take the lead from Treasuries for third time this year. - Investors piled back into tech last week, but the vaccine news on Monday morning is likely lead to a rally in styles and sectors that have struggled in 2020. - Several countries still have reasonable valuations, and a falling dollar should be a catalyst for higher prices. - US dollar holding the lows from September. Should declines accelerate, it will put upward pressure on Treasury yields and the slope of the yield curve.
- [Market Outlook - Valuations are back to August Extremes](/wp-content/uploads/Research/Reports/20201106-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index crosses back above 85%, as both monetary conditions and valuations worsen. - Psychology's second attempt at making substantial improvement since the August peak was thwarted. - Election narratives don't drive investment outcomes - credit cycles, emotional cycles, and the price of risk assets do.
- [World Wrap](/wp-content/uploads/Research/Reports/20201101-World-Wrap.pdf#new_tab) - - Risk assets declined dramatically across the board. Notably, Treasuries weren't a great hedge, closing flat. - All sectors and styles were in the red for the week as volatility shot higher. - Of the 45 countries we track, only two moved higher - Nigeria and Indonesia. - Bitcoin was the safe-haven that gold was not, advancing 3.1% while gold fell 1.3%.
- [Market Outlook - Oversold, but not un-loved](/wp-content/uploads/Research/Reports/20201030-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index increases alongside our Monetary composite risk score. - The market has grown oversold, but few signs that is translating into a substantial change in investor sentiment. - ...and the best charts this week had to offer.
- [World Wrap](/wp-content/uploads/Research/Reports/20201025-World-Wrap.pdf#new_tab) - - Intl equities were the only asset class to advance last week. US stocks held onto the asset class lead over Treasuries, as both declined by more than 0.5% - Value and trash stocks rallied, while 2020's favorite styles and sectors declined. Tech was down more than 2%. - Foreign stocks bucked the trend and advanced but have more ground to cover - the median country is still down 7.1% ytd. - Treasury yields continued to advance and are now challenging the June 5th peak in yields. Bitcoin broke to new highs on news of adoption by Paypal.
- [Market Outlook - The Seven Month Old Baby Bull](/wp-content/uploads/Research/Reports/20201023-Cypress-Market-Outlook.pdf#new_tab) - - A baby bull in duration but ancient in animal spirits terms. - Investor psychology pushing back toward August highs. - AAII ends a record stretch of bearish sentiment. - Bottom feeding the Energy sector
- [Market Outlook - Stock Market Enthusiasm Rebounds](/wp-content/uploads/Research/Reports/20201016-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index moves higher, mostly on a halt in the steady improvements in the monetary composite. - Several signs of a rebound in stock market enthusiasm this week. - Rydex Ratio hits key level that has served as a precursor to every major correction since 2018. - Fed steps up bond buying this week, putting a stop to yields that were creeping higher.
- [World Wrap](/wp-content/uploads/Research/Reports/20201012-World-Wrap.pdf#new_tab) - - In a broad move, risk assets moved higher while Treasuries declined. US Equities have taken over the lead from Treasuries for YTD return. - Every sector and style were winners last week in one of the broadest moves since early June. - Over 90% of the countries whose markets we track moved higher last week. However, the median ytd country return is still down more than 7%. - Oil rallied nearly 10% last week on a falling dollar. The dollar has declined two weeks in a row after strengthening for most of September.
- [Market Outlook - 60/40 Return Expectations Fall to New Lows](/wp-content/uploads/Research/Reports/20201008-Cypress-Market-Outlook.pdf#new_tab) - - Monetary conditions improve again but should level off here. - Long Bond Momentum sell signal from August has been holding steady. - Complacency around US equity valuations have driven return expectation on a traditional 60/40 portfolio to new lows. - Breadth improved dramatically in the last week, and short-term investor sentiment worsened alongside it.
- [Q3 2020 World Wrap](/wp-content/uploads/Research/Reports/2020_Q3-World-Wrap.pdf#new_tab) - - At end of Q3 2020, 3 of 5 major asset classes are down ytd, and Treasuries lead all major asset classes. US Equities briefly took the lead at the end of August. - The YTD perf spread between Tech and Energy is above 75%. This is after three consecutive years of substantial double-digit out-performance by Tech. - Emerging markets lead developed markets year-to-date, as a weakening US dollar provided a boost to emerging market equities. - Treasuries have been steady, with the lowest implied volatility on record, breaking the previous record from 2007 during the quarter.
- [Market Outlook - Monetary Conditions continue to improve](/wp-content/uploads/Research/Reports/20201002-Cypress-Market-Outlook.pdf#new_tab) - - Improving monetary conditions push MRI below 85%, but no improvement for near record psychology or valuations. - Consumers expectations for jobs and income appear too high. - Record low mutual fund cash levels - ...and this week's best charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20200928-World-Wrap.pdf#new_tab) - -Four straight weeks of US equity declines. After climbing the prior week, international equities played catch up on the price declines, falling more than 4%. - The Covid pair trade that has worked so well in 2020 had a good bounce back. Tech stocks climbed, while Energy and Financials were hit hard. - Another week of US dollar strength led to declines in commodities and international equities. - Yields on both junk and investment grade corporate credit moved higher. US Treasury prices rallied.
- [Market Outlook - Market Risk Index falls below 90%](/wp-content/uploads/Research/Reports/20200925-Cypress-Market-Outlook.pdf#new_tab) - - MRI improvement was all a monetary phenomenon this week. - It's the most oversold market since March, but no huge improvements with investor psychology - Markets are lamenting fading stimulus, but policymakers will likely blink when our psychology composite improves.
- [World Wrap](/wp-content/uploads/Research/Reports/20200921-World-Wrap.pdf#new_tab) - - US equities fell for the third week in a row, and Treasuries joined them. Commodities and international equities moved higher. - The energy sector staged a modest bounce last week, while leading sectors Tech and Consumer Discretion declined again. - Both Europe and Asia rallied last week to drive international equities higher. The US dollar continues to show modest signs of strengthening. - Oil snapped back and moved almost 10% higher, but the big story was lumber whose prices are in serious retreat from recent highs.
- [Market Outlook - Hottest IPO Market Since Dotcom Era](/wp-content/uploads/Research/Reports/20200918-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index is above 90% but improves on a push by the yield curve into neutral territory. - The yield curve is neutral, but reversion to a positive slope has been underwhelming. We look at two other historical examples from the last 55yrs. - Based on first day price increases in IPOs, this is the hottest IPO market since the dot com era. - Update on investor sentiment and options market euphoria. - ...and the best in charts this week.
- [World Wrap](/wp-content/uploads/Research/Reports/20200914-World-Wrap.pdf#new_tab) - - US equities fell for the second straight week - the first back to back weekly declines since May. Treasuries rallied as did International equities. - It was a difficult week for both the best and worst sectors, as both Tech and Energy stocks fell by more than 4%. Materials was the only sector to climb. - International equities bucked the trend with US stocks and moved higher, almost solely on the back of European equities.- - After persistent declines for months, the dollar has started climbing for a few weeks. It's boosting the price of US Treasuries, and oil is falling.
- [Market Outlook - Call Option Buyers are Doubling Down](/wp-content/uploads/Research/Reports/20200910-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 91.8%. - Investor Psychology composite risk score is higher than any time outside of a string of readings between January and March 2000. - August's Bond Momentum sell signal is fragile, but holding on. - Several charts that put...options speculation into perspective.
- [World Wrap](/wp-content/uploads/Research/Reports/20200908-World-Wrap.pdf#new_tab) - - Treasuries became a safe-haven again as volatility picked up and risk assets declined. - Growth, momentum, and Tech were hit hardest last week. Interest rate sensitive sectors held up better while Treasuries rallied. - Bitcoin was off nearly 11%. Lumber's decline was modest given how large the ytd gains are. - Copper prices managed to climb modestly as most other commodities were selling off.
- [Market Outlook - Investor Psychology Breaks Dot-Com Era Record](/wp-content/uploads/Research/Reports/20200904-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 91.5% with a complete absence of support from sentiment and valuations. - Psychology daily point total breaks the dot-com era record. The composite crosses into the worst 1 percent of readings. - After being bullish on long duration bonds since early 2019, our Long Bond Momentum finally registers a sell signal.
- [World Wrap](/wp-content/uploads/Research/Reports/20200831-World-Wrap.pdf#new_tab) - - Risk assets climbed while Treasury prices declined. US Equities are outperforming US Treasuries ytd for the first time since late February. - All sectors advanced last week, with the exception of Utilities, which fell as Treasury yields moved higher. - Prices for long duration Treasuries fell nearly 3% last week, and our bond momentum gauge is likely to close out the month with an official sell signal. - Lumber prices continued their streak, advancing another 10% and have climbed over 125% year to date as a result of Covid related supply disruptions.
- [World Wrap](/wp-content/uploads/Research/Reports/20200823-World-Wrap.pdf#new_tab) - - It was another mixed week. US equities, Treasuries, and commodities moved higher, while Real Estate and International Equities declined. - In another reversal, Tech & Momentum rally, while Energy, Financials & Value drop. For several wks, mkt action has been a widening or narrowing of this gap.- - US Treasury prices bounced back last week after spooking investors the week prior. Yields made a lower high relative to a similar spike in early June. - Lumber shortages continue to put upward pressure on prices. Lumber prices were up another 14% last week and have doubled in 2020.
- [Market Outlook - The most top heavy market performance since March 2000](/wp-content/uploads/Research/Reports/20200828-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk climbs above 90%. Psychology, Monetary and Valuation all deteriorate. - The most narrow market performance since March 2000, and probably the nuttiest market environment that we've ever seen. - Signs of excessive speculation abound, when they normally wouldnt. - And, the best in charts this week...our favorite...the idea that our tax code has bene subsidizing automation over people.
- [World Wrap](/wp-content/uploads/Research/Reports/20200817-World-Wrap.pdf#new_tab) - - It was a good week for international equities and commodities but a bad one for bonds and rate sensitive stocks and sectors. - Beaten down value stocks, Energy and Financial sectors had strong rallies. - Like the US, the international rally broadened last week with several of the lagging countries seeing a sizeable bounce. - Lumber prices jumped another 12% last week - they have doubled over the last year.
- [Market Outlook - A Frothy Market](/wp-content/uploads/Research/Reports/20200821-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 89.3%. - Psychology daily point total now has only two other precedents - February 2020 and Jan-March 2000. - Monetary conditions deteriorate some as a result of the falling dollar, and the Fed has stopped printing. - Long Bond Momentum indicator is attempting a sell signal for bonds - the second attempt since June. - And, this week's best charts...
- [Market Outlook - Recommended Cash Allocation Increases to 40 Percent](/wp-content/uploads/Research/Reports/20200814-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 88.2%. Psychology, monetary, and valuation all worsened. - The daily point totals on our Psychology composite are hitting euphoric extremes. It's one of those times to pay attention. - Investment pros grew more bullish, and our short-term Sentiment composite is also back into euphoria territory.- - Forward PE ratio is less than 10% away from the 2000 dotcom peak. - ...and our favorite charts of the week.
- [World Wrap](/wp-content/uploads/Research/Reports/20200809-World-Wrap.pdf#new_tab) - - The first pure "risk-on" week in quite some time, as all risk assets moved higher while Treasuries declined. - Value stocks had the edge, but last week was generally a good one for all styles and factors. - On Sunday, New Zealand marked 100 days without a single case of local transmission of coronavirus. It is the 4th best performing country in the world. - Commodities rallied, but notably Dr. Copper bucked the trend and declined with a large drop on Friday.
- [Market Outlook - Bank Sentiment Pushes Psychology into Worst Five Percent of Readings](/wp-content/uploads/Research/Reports/20200807-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk climbs to 85.4% on worsening investor psychology. - Bankers are as nervous as they were in the GFC. - Investors embracing still embracing options and levered ETFs. - NASDAQ to NYSE Volume sentiment sets 40yr record, just as Apple breaks IBM's 40yr record for largest weight in the S&P 500. - Sharply falling yields boost monetary conditions, but the dollar's action here is most important. - Both Median and cap-weighted PEs climb above 22X for the first time. - And, lots of charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20200803-World-Wrap.pdf#new_tab) - - US equities were up on a rebound in big Tech stocks. REITs also had a very strong rebound, climbing more than 4%. - The momentum trade was back on in the last week of July, as big Tech left all other sectors in the dust, driving the growth factor to outperformance as well. - Momentum was on for countries last week too, with the year's best performers all outperforming last week, when the average country declined. - Q2 GDP released last week showed a year over year decline in real GDP of 9.5%. Meanwhile, the dollar continued its sharp decline.
- [Market Outlook - Psychology crosses into the worst decile of readings](/wp-content/uploads/Research/Reports/20200731-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk climbs to 84% as our psychology composite breaks into the worst decile of readings. - Investors are pouring money into levered ETFs again. - Record wide disparity between the sentiment of individual and professional investors. - Eyes glued to the falling dollar and its implications
- [World Wrap](/wp-content/uploads/Research/Reports/20200726-World-Wrap.pdf#new_tab) - - Commodities were the biggest winner. Intl equities & US Treasuries also moved higher, but US equities and real estate declined. - Unusual week under the surface. Stocks declined broadly, but value stocks were up. More than half of sectors were higher, all at the expense Tech stocks. - The US dollar has declined more than 3% this month, and it's fueling higher prices for TIPS, commodities, and emerging markets. - Enthusiasm for silver pushed the metal higher by more than 15% last week, and its ytd return is now higher than gold. Precious metals lead all commodities.
- [Market Outlook - Watching the Silent Generation for Clues](/wp-content/uploads/Research/Reports/20200724-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 82.7%, still in elevated drawdown risk territory. - Equity Put/Call ratio hit the lowest levels since September 2000 this week. - Pros (and Robinhood Millenials) might be embracing the equity rally, but the silent generation is not. - Leverage chasing hit extremes this week, and it implies high volatility is not going away. - And...this best this week had to offer in charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20200720-World-Wrap.pdf#new_tab) - - Equities rallied, and commodities declined modestly. Treasuries lead all major asset classes. - US stocks rallied, but the NASDAQ lost 1% last week on a pullback in Tech stocks. The largest five cos make up 40% of the NASDAQ. - Margin lending & enthusiasm for equities is growing in China, but it wasn't enough to keep China's stock market from declining over 4%. - The dollar has declined four weeks in a row, and economically sensitive commodities like copper and lumber continued to rally.
- [Market Outlook - Psychology Edges Closer to Worst 10% of Readings](/wp-content/uploads/Research/Reports/20200717-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index is unchanged at 81.1% - Smart money option traders are increasing hedges in face of euphoric retail call option buying. - Our regression based equity return forecast fell below 0% this week. - The dollar's short-term behavior is growing more important. - ...this week's best charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20200713-World-Wrap.pdf#new_tab) - - Major asset classes moved higher, except for Real Estate which had a difficult week. - US Equities rallied mostly on strength of big cap Tech. Five of 11 sectors, small stocks, and value stocks struggled. - Stocks in China rallied 7.5% last week to close up 17.2% ytd. Speculation and trading on margin have surged in the country. - Economically sensitive copper and lumber prices made substantial gains again last week.
- [Market Outlook - MRI Climbs Above 81](/wp-content/uploads/Research/Reports/20200710-Cypress-Market-Outlook.pdf#new_tab) - - Psychology edges closer to bottom 10% of readings - Spread between Smart and Dumb option activity is widening. - Breadth has turned anemic, with the biggest tech stocks responsible for most of the market's strength. - Monetary conditions improve, but excessive growth lending and leverage holding it back. - A stagflationary combination. A bullish price trend is forming in commodities, while we're seeing little indication of a coming downturn of our bond momentum gauge. - And, the best charts this week.
- [Q2 2020 World Wrap](/wp-content/uploads/Research/Reports/2020_Q2-World-Wrap.pdf#new_tab) - - US Equities outperformed all major asset classes in Q2, but Treasuries still hold the lead year-to-date. - A handful of stocks are driving US equity returns and doing the same for the leading styles and factors - Tech, Growth, Momentum, Large Cap. - US Equities are also beating all world regions, but there are three countries with positive ytd returns - Denmark, New Zealand & China. - It wasn't a great quarter for oil or natural gas, but it was for lumber and copper. Both economically sensitive commodities jumped by more than 25% in Q2.
- [Market Outlook - Psychology Breaks into the Worst 20% of Readings](/wp-content/uploads/Research/Reports/20200702-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs above 80% on enthusiastic investor sentiment. - Seeing more crosscurrents that are difficult to reconcile within both the monetary and psychology composites than ever. - Our purely regression driven, valuation based return forecast for US equities has fallen to less than 1 percent, ironic, because we created it to push our forecasts higher. - And, this week's best charts...
- [World Wrap](/wp-content/uploads/Research/Reports/20200629-World-Wrap.pdf#new_tab) - - Risk assets were down across the board last week, and Treasuries rallied on a surge in virus cases across the US. - All sectors and styles declined, but Technology was a relative safe-haven, down only 0.4%. - Asian markets bucked the global trend and closed flat. The region leads all others year to date. - Lumber and copper managed to continue their advances alongside gold last week and not signaling a return of deflationary pressures.
- [Market Outlook - Market Risk Index Climbs to 77%](/wp-content/uploads/Research/Reports/20200626-Cypress-Market-Outlook.pdf#new_tab) - - Psychology deteriorates, but Monetary conditions improve - This combination of lots of call option buying and high volatility hasn't occurred since 2000. - NYSE High Low Logic Index Buy Signal - Monetary composite is improving, but recent surge in lending and leverage is holding it back. - ..and, this week's best charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20200622-World-Wrap.pdf#new_tab) - - Equities and commodities rallied, while REITs & Utilities sold off, and Treasuries were weak. Classic reflationary trade moves. - Still a market that centers around the FAAAM stocks. The further you move from large or growth, the worse the ytd performance. - US Dollar has backed off substantially in the last month, signaling the global panic for dollar safety that started in March is subsiding. - Broad moves higher across economically sensitive commodities last week - copper, oil, lumber. Lumber prices jumped nearly 19%.
- [Market Outlook - Monetary Conditions Keep MRI In Check](/wp-content/uploads/Research/Reports/20200619-Cypress-Market-Outlook.pdf#new_tab) - - Volatility and Breadth have kept psychology from climbing into the worst quintile of readings. - Fed actions are beginning to impact and improve our monetary composite. - US equity valuations don’t make sense given a backdrop holding this much uncertainty, when uncertainty is supposed to be the playground for stock market bargains. - Markets balked when breadth improved.
- [World Wrap](/wp-content/uploads/Research/Reports/20200615-World-Wrap.pdf#new_tab) - - The trend from the last two weeks reversed as Treasuries rallied and risk assets declined. - Old trends re-emerged - the worst performing ytd sectors and factors sold off the most last week, and those best performing areas held up the best. - 2/3s of economists in a WSJ economist survey expect recovery to begin in Q3 with 9.6% unemployment rate by December. - Gold rallied last week, but so did copper. Copper prices have been steadily rising and signaling reflation.
- [Market Outlook - Psychology Hits Bear Rally Killer Threshold, For a Day](/wp-content/uploads/Research/Reports/20200612-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs, still above 75%. - Daily Psychology point total dropped under -100 points on Wednesday, for a day. It's reversing now. - Good breadth, then bad breadth. Mixed Signals and extreme moves. - Valuations are discounting a return to full employment. - And, this week's best charts
- [World Wrap](/wp-content/uploads/Research/Reports/20200608-World-Wrap.pdf#new_tab) - - Another broad weekly gain for risky assets that culminated with the jobs surprise on Friday. Treasury prices were weak. - Last week was best for the most beaten up sectors. All the sectors that are down ytd bounced 8.4%, while the positive returning sectors bounced 2.8%. - Last week's rally was broad - 44 of 45 countries that we track all moved higher. - The US dollar broke below a trading range that has held since March. Inflationary bets are increasing, and long duration Treasuries are selling off.
- [Market Outlook - MRI Back Above 75%](/wp-content/uploads/Research/Reports/20200605-Cypress-Market-Outlook.pdf#new_tab) - - Shortest Peak to Peak Cycle for Equity Put/Call data ever. Insiders Selling Again. Psychology likely to deteriorate further. - Breadth improves, but breadth works better with support from monetary conditions and valuations. - Jobs report could market the end of recession, but the recovery is largely discounted in equity prices.
- [World Wrap](/wp-content/uploads/Research/Reports/20200601-World-Wrap.pdf#new_tab) - - For the second week in a row, risk assets bounced across the board, as Treasury prices declined slightly. - Four of 11 sectors are now positive ytd, but the tail on returns is a wide one. Avg positive ytd sector is up 2.6%, and the avg decliner is down 15.9%. - Broad rally for international equities last week with 41 of 45 countries moving higher by an average of 5.1%. - The Fed bought $1.3 billion across 15 ETFs in the first week of operation of its corporate bond support facility.
- [Market Outlook - Boomers vs Robinhoodies](/wp-content/uploads/Research/Reports/20200529-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index moves higher to 73.4%, on another big move within investor psychology. - Option Activity is hitting extremes, which only happens at the ends of bear rallies, at the ends of bulls, or at the beginning of new bulls. - In 2020, smart versus dumb money, has become young versus old money. - ...and this week's best charts.
- [World Wrap](/wp-content/uploads/Research/Reports/20200526-World-Wrap.pdf#new_tab) - - Risk assets bounced across the board last week, a rally that came at the expense of a decline in Treasury prices. - Healthcare was the only sector that didn't advance last week. It was enough to drive the sector's ytd performance ranking down to the middle. - Global equities, outside of a pocket of weakness within Asia, rallied as enthusiasm over reopening continues to build. - Big bounce by economically sensitive commodity prices last week within their bearish trends. Lumber bounced more than 10%.
- [Market Outlook - The Benjamin Button Bull Market](/wp-content/uploads/Research/Reports/20200522-Cypress-Market-Outlook.pdf#new_tab) - - Big jump in Market Risk Index, mostly due to investor psychology and lots of call option activity - For a Bull Market that is only a month old, it looks like some of the oldest in US history. It's the Benjamin Button Bull Market. - Professionals throwing in the towel on value in favor of growth, right as it looks like it's on the cusp of outperforming. - And, this week's best charts...
- [World Wrap](/wp-content/uploads/Research/Reports/20200518-World-Wrap.pdf#new_tab) - - Bonds rallied, stocks declined, and commodities were flat. US REITs declined more than 8%. - Technology is the only sector in the black year to date, and Healthcare was the only sector that was in the black last week. - The US and China continue to escalate rhetoric and tensions. Equity markets for both countries are widely outperforming most countries ytd. - Large prices swings and divergence among commodity prices last week. Nat gas down 12% - oil up 8% - silver up 8% - Bitcoin down 4.
- [Market Outlook - Generational Gap in Sentiment](/wp-content/uploads/Research/Reports/20200515-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index rises on deterioration in psychology and valuation - Daily psychology readings have rolled over, increasing the odds that the first bear market rally has ended. - Boomers are bearish, and Millennials are bullish. - Valuations are pushing a new paradigm within such a severe recession. - Really unusual speculative sentiment and performance divergences are occurring within the recession.
- [World Wrap](/wp-content/uploads/Research/Reports/20200511-World-Wrap.pdf#new_tab) - - US Equities and commodities rallied. Commodities led all assets classes for the week on a snap back in oil prices. - NASDAQ and Tech leadership continues. The five FAAAM stocks comprise nearly 40% of the NASDAQ, and two stocks make up 42% of Tech. - Global cap-weighted equities went higher, but the average country declined last week. Median ytd country return is -24.6% - Crude oil edged out Bitcoin to lead commodities for the week. Unemployment rate jumped to 14.7% - the worst since the Great Depression.
- [Market Outlook - Banks Tighten Lending Standards](/wp-content/uploads/Research/Reports/20200508-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index edges higher but still neutral, as enough of the wall of worry remains intact. - Banks tighten lending standards like its 2008. - NASDAQ to NYSE volume indicator surges to 25yr highs on FAAAM stock strength. - AAII Bearishness sees a surprise increase. - Able to make Great Depression and Dot-Com bubble comparisons at the same time...this might be the most unusual stock market that we have ever witnessed.
- [World Wrap](/wp-content/uploads/Research/Reports/20200504-World-Wrap.pdf#new_tab) - - A mixed week with International equities, commodities, and real estate moving higher, as US stocks and Treasuries declined slightly. - This year's underperforming sectors and styles, like Value and Energy, rallied during the week, while 2020's leaders underperformed or declined. - Emerging market stocks rallied more than 4%, and the median country climbed 4.6%. Only two countries stock markets declined last week - the US and Vietnam. - Treasury yields climbed, and Bitcoin staged a 17.9% rally, with a one week move that accounts for almost all of its ytd gains.
- [Market Outlook - Consumer Confidence Anomalies](/wp-content/uploads/Research/Reports/20200501-Cypress-Market-Outlook.pdf#new_tab) - - Psychology deterioration pushes MRI back above 50%. - Record drop in Consumer Confidence Present Situation Index, but also a record increase in expectations for business improvement and job market. - Falling earnings and higher stock prices push the Forward PE to above 20X, the highest level since May 2002. - Highest M2 Growth since 1983 - Buybacks expected to fall by half - Retail trading activity goes parabolic on zero commissions and a stock market drop
- [Market Outlook - Investor Psychology Bottoms Out](/wp-content/uploads/Research/Reports/20200424-Cypress-Market-Outlook.pdf#new_tab) - - Psychology readings have bottomed as higher prices are beginning to sway sentiment. - It's too early to think about bear markets or recessions ending when growth in monetary aggregates is still accelerating. - A combination of higher stock prices and falling earnings estimates has pushed PE ratios back to their bull market peak. - And, a look at our daily psychology point total for bear market rally clues...
- [World Wrap](/wp-content/uploads/Research/Reports/20200427-World-Wrap.pdf#new_tab) - - Risk assets closed down but rallied late in the week as optimism builds around the idea of re-opening economies. - The FAAM stocks are having a distortive effect on everything from styles, factors, and even how well US equities appear to be doing broadly. - Bank of Japan announces more interventions. It will triple its allowed holdings of corporate bonds and allow unlimited purchases of government bonds. - Historic week for oil markets as futures price for May delivery went negative. Storage is full. Oil demand has dropped to what it looked like in the 1960s.
- [World Wrap](/wp-content/uploads/Research/Reports/20200420-World-Wrap.pdf#new_tab) - - Mixed week - a big rally for US equities, a mild rally for Intl equities, and sell offs for commodities and Real Estate. - A severe bear market for some sectors but now a milder correction for others. FAAAM stocks are driving much of the style and factor performance anomalies. - Congress is looking to pass another $470b in aid this week. Meanwhile, the Fed has injected $1.5T of its own aid since the end of February. - OPEC gambit fails. Oil prices are hitting levels not seen in over 20 years, as coronavirus crushes demand.
- [Market Outlook - Psychology improvement stops just shy of best 20% of readings](/wp-content/uploads/Research/Reports/20200417-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index falls to 37.8%. - Bear market and Fed action have led to record S&P 500 stock concentration - Buy the Dip Composite and yield curve updates
- [World Wrap](/wp-content/uploads/Research/Reports/20200413-World-Wrap.pdf#new_tab) - - Large bounces in US risk assets last week on news of even more drastic Fed intervention, this time in junk bonds. - It's unusual, but not unheard of, that the sectors and styles that were leading the bull market are also leading early in the bear market. - Saudi Arabia, Russia, and US lead coalition to cut oil supply, but it may be too late to stem oversupply from sharp drop in demand. - Neel Kashkari, Minneapolis Fed President, tried to temper expectations for a V-shaped economic recovery over the weekend, as Fed's bal sheet surpasses $6T.
- [Market Outlook - Neutral MRI, but still the best reading since 2016](/wp-content/uploads/Research/Reports/20200410-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index drops to 42.2%. It's a neutral reading but also the lowest since 2016. - Valuations move back into the worst decile. - If the Fed decides to buy stocks, is that enough reason to get bullish? - Consumer Confidence still has a lot of room for improvement given a recessionary bear market backdrop.
- [Q1 2020 World Wrap](/wp-content/uploads/Research/Reports/2020_Q1-World-Wrap.pdf#new_tab) - - Bull market ends, just shy of its 11th birthday. Bear market began with a massive unwind of leveraged investors as Coronavirus triggers a global recession. - Previous bull's most loved (Tech, growth, etc) continue to hold up, while the most unloved areas are punished further (Energy, small value, etc). - Nearly 10mil file unemployment claims over the last 2wks. Gold and US Gov't securities the only assets to close up in Q1. Prices on 20Yr Treas climbed more than 20%. - Global demand for US dollars surged. In effort to meet the demand, Fed stages the most significant intervention in US history, opening the door to buying corporate bonds.
- [Market Outlook - MRI moves firmly into neutral territory](/wp-content/uploads/Research/Reports/20200403-Cypress-Market-Outlook.pdf#new_tab) - - Big improvement in psychology composite - but not consistent with the the end of a bear market. - Monetary aggregates showing recessionary flight to safety, but the Fed is keeping the yield curve from normalizing. - Small-cap valuations improve again, likely to lead in the next bull. - AAII Allocation Survey - ratio of stock to cash allocations the lowest since 2011. - Market Trend for REITs and Intl equities turns defensive
- [World Wrap](/wp-content/uploads/Research/Reports/20200330-World-Wrap.pdf#new_tab) - - Mkts bounce on $2 trillion fiscal package & largest Fed intervention in US history. WSJ reports the pandemic leading to the fastest re-allocation of labor since WWII. - 2020 has brought some of the widest dispersions between sectors and styles that we've ever seen. Too many to mention. - Too much oil, not enough gold. Oil prices, down more than 65% ytd, have sunk to 17 yr lows. Meanwhile, WSJ reports a shortage of physical gold bars and coins. - Fed intervention in corporate credit markets led to a rally in both investment grade and high yield corporate bonds.
- [Market Outlook - Market Risk Index moves to Neutral](/wp-content/uploads/Research/Reports/20200327-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index falls below 75 for the first time since February 2019. - McClellan hit overbought and watching for a Zweig Breadth Thrust - Psychology is improving rapidly, but long term sentiment measures like the AAII Allocation survey have much room for improvement. - Yield Curve hit levels this month that marked the beginnings of each of the last three recessions, none of which were accompanied by the Fed response that we saw this week. - Quantifying the investment opportunity being presented by small and mid-cap stocks today.
- [World Wrap](/wp-content/uploads/Research/Reports/20200323-World-Wrap.pdf#new_tab) - - Bear market unfolding at historic speed. Risk assets declining in lockstep, and Treasuries have been the only safe-haven. - Communication Services, a smaller sector, was a standout for only declining 1.7% last week. Energy stocks have lost more than half their value year to date. - Gold was the only asset beside Short-Intermediate Treasuries that went higher. - Fed announces plan to buy unlimited amounts of mortgages and Treasuries. Fed is intervening everywhere it has legal authority to do so.
- [Federal stimulus as a catalyst & VLMAP hits key level](https://www.cypresscapital.com/federal-stimulus-as-a-catalyst-vlmap-hits-key-level/) - Tightly wound bear market looking for a catalyst The market is looking for a catalyst, and the biggest uncertainty right now is fiscal stimulus passage and the help that it can offer the economy. As we illustrated with some of the charts in our Market Outlook on Friday and now with the chart below, the
- [Market Outlook - A Week We'll Never Forget](/wp-content/uploads/Research/Reports/20200320-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index makes a big improvement, but still in elevated territory. - Missing ingredients for the psychology composite - Surveys. Investors and gurus have been stubborn to give up on the bull market and let their narrative die. - Short-term psychology is as wound up like we won’t see for another decade. If history is still useful, it suggests short-term capitulation is right around the corner. - Small-cap valuations – best in a decade. - A road map for the bear market.
- [World Wrap](/wp-content/uploads/Research/Reports/20200316-World-Wrap.pdf#new_tab) - - Nowhere to hide! Global equities plunge into a bear market, & the only asset class that you will find with a positive one week return in this report was 90d T-Bills. - Tech stocks held up better than any sector, only off 5.2%. Energy stocks shaved another 24% off their returns, while prices have been nearly cut in half ytd. - China, where the Coronavirus originated, is leading every country in the world in equity market performance, only down 9.5%. - T-Bill yields were already signaling it, but Fed cuts Fed Funds rate to 0-0.25% on Sunday and announce $700 billion in fresh QE.
- [Market Outlook - Valuation improves, and a big shift in short-term investor sentiment](/wp-content/uploads/Research/Reports/20200313-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index drops under 90th percentile on improving valuations - reducing our cash recommendation to 30% from 40%. - Psychology composite doesn't improve as much as we'd have liked, but Buy the Dip Gauge suggests this week was most like March 2008, during the week Bear Stearns failed. - We cut our long duration Treasury exposure by 50-75% this week on historical overbought Bond Momentum readings. - Speculators should gear for a bear market rally, but the margin of safety to load up on equities isn't there for long term defensive investors.
- [World Wrap](/wp-content/uploads/Research/Reports/20200309-World-Wrap.pdf#new_tab) - - US Treasuries and gold have proven the only two safe havens in 2020, as global asset prices continue their sharp correction. - Energy stocks have shaved nearly 30% off their value ytd. Pure value factor dropped 5.9% last week and is down over 20% ytd. - A falling out at OPEC - Oil prices dropping as Saudi price cuts have initiated a price war with Russia. - US yield curve is signaling global recession as the entire curve falls below 1% yield for the first time ever on Monday.
- [Market Outlook - Vol is good, but still no blood in the streets](/wp-content/uploads/Research/Reports/20200306-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk improves but still in the 90th percentile. - Volatility and oversold levels are about as about as good as it gets, but investors are still not as nervous overall as they have been at previous correction lows this cycle. - Measuring animal spirits is more important that divining bear market or correction catalysts. - Buy the Dip Gauge indicates the level of pessimism isn't extreme given the market's sharp decline.
- [World Wrap](/wp-content/uploads/Research/Reports/20200302-World-Wrap.pdf#new_tab) - - US Treasuries are the only major asset class still positive year to date, as February closes with coronavirus fears front and center. - Growth and momentum stocks have held up better than value and dividend paying stocks thus far. Energy stocks have shed almost a quarter of their value ytd. - Ironically, Chinese stocks are only down 3.9%. It's the fourth best performing country in the world. - In a sea of red, US Treasury prices were about the only thing that climbed last week. The ytd total return for 20Yr Treasuries is 14.4%.
- [Market Outlook - A technical driven sell-off more than a sentiment driven one](/wp-content/uploads/Research/Reports/2020228-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index increases slightly. Investor psychology was flat, and monetary conditions worsened, but MRI has likely peaked this week. - The daily point totals of our psychology composite point to a quant-driven sell off more than one driven by investor fear. - Most extreme readings in McClellan Oscillator and VIX since 2011. - This week’s price move has been technically historic, but it hasn't produced much investor anxiety. The desire to make a great call and buy the dip is still there.
- [World Wrap](/wp-content/uploads/Research/Reports/20200224-World-Wrap.pdf#new_tab) - - Friday's poor PMI data and the global spread of coronavirus have combined to put a dent in 2020's momentum rally. - The hottest styles and factors were hit the hardest last week, while value held up relatively well. Tech and Energy were the hardest hit sectors. - News of spreading coronavirus infection to South Korea, Italy and Iran has investors concerned about global supply chains and global manufacturers. - Gold climbed 6% last week. Odds of a Fed rate cut in March are growing.
- [Market Outlook - The most top heavy S&P 500 six month performance since May 2000](/wp-content/uploads/Research/Reports/20200221-Cypress-Market-Outlook.pdf#new_tab) - -Market Risk Index increases again on higher risk readings from all three of our counter-cyclical categories - psychology, monetary and valuation. -Investor psychology is very close to the 99th percentile of euphoric readings - a level mostly confined to a short window of time that occurred during the first half of 2000. -Valuations have worsened, and big cap valuations are tied with January 2018 levels. -Less than 40% of S&P 500 stocks have outperformed over the last six months, a red flag for the broader stock market. -This week in charts had a lot to offer, even after we did our best to cull them down...
- [World Wrap](/wp-content/uploads/Research/Reports/20200217-World-Wrap.pdf#new_tab) - - US equities are dominating in early 2020. Microsoft and Apple together now make up 10% of the S&P 500 and nearly 30% of its ytd gains. - The ytd performance spread between Technology and Energy stocks is more than 20% and the highest since 1991, when the Gulf War went better than expected. - Intl equities are down ytd, but China is up more than 1.5% in spite of being the epicenter of coronavirus. - 20Yr Treasuries, up 6.6% ytd, are beating US equity markets. Bitcoin has surged more than 40% in 2020.
- [Market Outlook - Yield curve continues to flirt with inversion](/wp-content/uploads/Research/Reports/20200214-Cypress-Market-Outlook.pdf#new_tab) - - MRI climbs on higher risk score from monetary composite. - Psychology unchanged on the week, but sets mid-week extreme on deteriorating market internals. - Central bankers need a new textbook. - This week's best charts...
- [World Wrap](/wp-content/uploads/Research/Reports/20200210-World-Wrap.pdf#new_tab) - - US equities rallied and regained the asset class lead. International equities are down ytd, and commodities are down by more than 8%. - Large Growth is up 6.1% while Small Value is down 3.4%. There's only one other year with a wider gap between the two styles this early in the year - 2009. - Trump to release $4.8 trillion 2021 budget with proposed cuts to social-safety net programs & foreign aid and boosts for defense & veterans. - Fed reported that consumer credit card borrowing surged by $12.6 billion in December, the largest one month increase since April 1998.
- [Market Outlook - Psychology hits worst reading since October 2000](/wp-content/uploads/Research/Reports/20200207-Cypress-Market-Outlook.pdf#new_tab) - - MRI climbs above 91% on another bull cycle extreme from the psychology composite. - Jobs numbers were good, but it's consumer confidence in the job market that should give investors pause. - Mutual Fund cash levels are ridiculously low. - American financial confidence hits all-time highs.
- [World Wrap](/wp-content/uploads/Research/Reports/20200203-World-Wrap.pdf#new_tab) - - January draws to a close with only US Treasuries and REITs firmly in positive ytd territory. Commodities were down over 8% for the month. - Large Growth, momentum, and low vol are the leading style/factors, with lots of overlap. In other words, the big growth stocks have the most momentum and lowest vol. - China's stock market is getting hit, as coronavirus has effectively closed the country for business from the rest of the world. - 20Yr Treasuries are up more than 7% ytd, beating even Tech stocks, as bonds begin to price in more rate cuts. Segments of the yield curve have inverted again.
- [Market Outlook - The yield curve is on the cusp of inverting again](/wp-content/uploads/Research/Reports/20200131-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk drops modestly on improvement to monetary conditions. - Falling yields have helped monetary conditions, but they've also pushed the yield curve close to inverting again. - Investor psychology managed to make another cycle extreme. Last week from options traders, this week from levered fund investors. - Commodity price trend turns negative, and Dr Copper is growing nervous.
- [World Wrap](/wp-content/uploads/Research/Reports/20200127-World-Wrap.pdf#new_tab) - - Global stocks dropped 1% last week, and commodities by nearly 4%. US Treasuries and REITs rallied. REITs lead all other asset classes. - Momentum stocks held up while value and dividend stocks struggled. This is the largest growth over value gap to start a year since 2009, and prior to that, 2001. - While virus news has rarely had a lasting impact on markets, Coronavirus news has markets skittish. 3,000 cases in 10 countries, with 5 confirmed cases in the US. - Oil prices & energy stocks were hit particularly hard last week, giving commodities their worst start since 2018 and their third worst start in nearly 30yrs.
- [Market Outlook - Options speculation setting new records](/wp-content/uploads/Research/Reports/20200124-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index flattens out as psychology composite finally stops deteriorating. - Activity in options markets is so extreme its setting new sentiment high water marks for future bull markets. - Fed's $400 billion repo injection has led to a rollover in M2 and MZM growth and halted the yield curve's re-steepening. - Lots of charts of stock market extremes...
- [World Wrap](/wp-content/uploads/Research/Reports/20200121-World-Wrap.pdf#new_tab) - - REITs rallied over 2.5% to become the 2nd best performing asset class ytd. US Equities have climbed 13 of the last 15 weeks. Commodities declined. - Large Growth continues its style/factor dominance, driven higher by the Technology sector. Dividend paying stocks have had a sluggish start in 2020. - News of the Wuhan Pneumonia virus, originating in Central China, is spooking global stocks this week. - Central banks of Britain, Euro zone, Japan, Sweden and Switzerland announce cooperation in researching their own digital currency issuance.
- [Market Outlook - Psychology reaches new cycle extreme](/wp-content/uploads/Research/Reports/20200117-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs for 9th straight week, as investor psychology reaches a new cycle high and the highest reading since October 2000. - The average valuation metric that we track has now climbed to 2.1 times its long term average. - Analyst enthusiasm is running hot again. - Equity put/call ratio at 15yr lows.
- [World Wrap](/wp-content/uploads/Research/Reports/20200113-World-Wrap.pdf#new_tab) - - Cap-weighted US equities hit new highs on Tech strength. Shares of Alphabet within 1% of joining AAPL and MSFT with a trillion dollar market cap. - Large cap and growth stocks rallied, but small and value stocks were down. First major price divergence between large and small caps since September 2018. - Emerging markets were up, but developed markets declined. US & China expected to sign phase one trade deal on Wednesday. - Commodities declined as crude prices sold off after US-Iran tensions eased. Economically sensitive commodities, copper and lumber, rallied.
- [Market Outlook - Assets chasing levered broad market ETFs and mutual funds hits new record](/wp-content/uploads/Research/Reports/20200110-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs again, to 91.8% this week, as Investor Psychology is knocking on the door of the worst 2% of readings since 1970. - Corporate Insider selling outpaced buying by 4 to 1, and assets inside levered broad market ETFs and mutual funds surged to a new record. - Breadth indicators are beginning to show the first signs that the rally might be losing steam.
- [World Wrap](/wp-content/uploads/Research/Reports/20200106-World-Wrap.pdf#new_tab) - - The first partial week of trading in 2020 ends with US Treasuries and Commodities leading all other asset classes. - In some of the first signs of weakness since the 2019 breakout rally began, the small cap Russell 2000 has closed down in 5 of the last 6 sessions. - The two West African countries Ivory Coast and Ghana, which produce 60% of the world's cocoa, have joined to form the chocolate version of OPEC. - Commodity response to Solemani killing was a quintessential geopolitical related price move - oil and gold rallied while copper fell.
- [Market Outlook - MRI surpasses 2018 peak](/wp-content/uploads/Research/Reports/20200103-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 91.4%, surpassing Jan 2018 peak. Reducing equity allocation recommendation to 60% of maximum. - Psychology deteriorates further - AAII bullishness breaks out to highest levels since Jan 2018. - ARMS Index hitting levels that have halted rallies over the last two years. - ...and lots of charts.
- [2019 World Wrap](/wp-content/uploads/Research/Reports/2019WorldWrap.pdf#new_tab) - - US Equities finished 2019 with the best return since 2013, a snap-back from the poor year stocks had in 2018. Stocks are up 12.5% from their Jan 2018 peak. - Tech led all sectors closing over 50% higher in 2019, the best yr for the sector since 2009. Large Growth & Quality outperformed all other styles & factors. - International equities closed 2019 over 20% higher, lagging US equities. International equities still have not surpassed their 2007 all-time high, nor their 2018 high. - Although 20Yr Treasuries had a rough qtr, down more than 4%, long duration Treasuries still managed to edge out US corp bonds for the yr - up 15.1% vs 14.5%.
- [World Wrap](/wp-content/uploads/Research/Reports/20191230-World-Wrap.pdf#new_tab) - - Big caps are challenging records set during the 90s bubble. US Equities will likely close the year at least 30% higher for 2019 - the best annual return since 1997. - Best return for Large Growth since 1998 and 2nd +30% return this decade. The 90s saw 3yrs with rtns above 30%, while the 80s and 00s each saw only one. - The trade deficit in U.S. goods declined to the lowest short fall in three years as exports increased and imports declined. - Fed has added nearly $500 billion in cash to repo markets over the last 3 months, reversing around half of the balance sheet drawdown that took over 3 years.
- [Market Outlook - MRI climbs to 91 on worsening valuations](/wp-content/uploads/Research/Reports/20191227-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 91% on worsening valuations. - Investor psychology unchanged, but individual indicators still hitting new extremes. - Rydex Ratio new cycle high, lowest equity put/call ratio and longest stretch of positive Leveraged ETF Sentiment since January 2018. - Breadth has been strengthening throughout December, implying higher prices in 2020. - 80% of S&P 500 stocks trading above their 200 day moving average.
- [World Wrap](/wp-content/uploads/Research/Reports/20191223-World-Wrap.pdf#new_tab) - - Stocks and risk assets climbed, while US Treasuries declined. REITs had the best week, snapping back after the previous week's sell off. - Tech sector is flirting with a 50% ytd advance, the best return since 2009. Outside of a rebound from a bear market, it's the best return for the sector since 1999. - Emerging markets rallied 2% last week. China announced it will cut tariffs for 850 imports starting Jan 1st. - Bloomberg reports that Wall Street is questioning whether the Fed is "quietly masking extent of efforts to calm repo markets."
- [Market Outlook - Euphoria is challenging the January 2018 peak](/wp-content/uploads/Research/Reports/20191220-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs above 90%. - Both psychology and valuation in the worst 5% of readings. - Equity return forecast falls to 2.4%. - Betting on central banks is a crowded trade.
- [World Wrap](/wp-content/uploads/Research/Reports/20191216-World-Wrap.pdf#new_tab) - - Last week was good for almost all risk assets, except REITS, which closed down sharply by more than 3%. - Almost every sector, style, and factor advanced last week. Small & Mid-Cap Growth and low volatility stocks bucked the trend and declined. - China's industrial output growth beat expectations in November, while IHS Markit's preliminary December data shows Eurozone's manufacturing recession is worsening. - PIMCO, State Street, and Blackrock believe bonds aren't pricing in a likely shift coming at the Fed to let inflation run hotter, making TIPS attractive.
- [Market Outlook - Geared ETF investors are levering up again](/wp-content/uploads/Research/Reports/20191213-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 89.7. - Sharp reversal in commodities turns trend positive. Copper breaks above 200dma for the first time since spring. - Fed Balance sheet expansion over the last 3-months (nearly $400 billion) is beginning to creep its way into monetary base. - Geared ETF investors are levering up - in the top 10% of readings. - Recent momentum and breadth signals may imply a reset on the bull market peak, but MRI suggest this is arguably one of the riskiest momentum markets to chase.
- [World Wrap](/wp-content/uploads/Research/Reports/20191209-World-Wrap.pdf#new_tab) - - A strong Friday jobs report made the difference for US stocks, turning a down week into a positive one. Treasuries declined, and commodities rallied. - Consumer, Industrials, and Technology stocks declined. US-China trade continued to decline in October, with imports dropping 4.8% and exports down more than 17%. - Saudi Aramco raised $25.6 billion in the world's largest IPO, putting the valuation at $1.7 trillion, about half a trillion higher than Apple. - Business Insider reports that unwillingness of top 4 US banks to lend combined with surge in demand for funding from hedge funds may explain recent turmoil in repo market.
- [Market Outlook -  Psychology Readings approaching market cycle peak](/wp-content/uploads/Research/Reports/20191206-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index breaks higher to 88.4% - Investor psychology is edging closer to market cycle highs from early 2018. - Investor's Intelligence registers its most bullish reading since the market peak in January 2018. - Commodity price trend turns defensive.
- [World Wrap](/wp-content/uploads/Research/Reports/20191202-World-Wrap.pdf#new_tab) - - Stock and bond prices moved higher during Thanksgiving week, while Commodities declined. - All sectors advanced except Energy. Energy has had a terrible run. $10K invested in the sector 5yrs ago would be with a little over $8,700 today, including dividends. - Trump restores tariffs on steel & aluminum from Argentina and Brazil. China sees a surprise recovery in manufacturing during Nov, advancing to an 8-mo high. - Fed policy shift - Financial Times reports that Fed might introduce a rule to let inflation overshoot a 2% target to stimulate price growth.
- [World Wrap](/wp-content/uploads/Research/Reports/20191125-World-Wrap.pdf#new_tab) - - US Treasuries rally for the second week in a row, while all other asset classes declined. Earnings for the S&P 500 are on track for a full-year of earning declines. - At more than $2.3 trillion, the combined market caps of Apple and Microsoft now exceed the entire Russell 2000 index and are twice the size of the Energy sector. - Sweeping election wins by pro-democracy candidates in Hong Kong over the weekend increases pressure on Beijing after months of unrest. - WSJ reports that U.S. cos are pulling back on investment. Capital spending by S&P 500 cos grew less than 1% in Q3 and would have fallen without Apple & Amazon.
- [Market Outlook - Cluster of breadth warnings](/wp-content/uploads/Research/Reports/20191122-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index ticks higher on slight deterioration in monetary conditions. - NYSE triggers Titanic Syndrome, joining NASDAQ with a case of HOTS. - NASDAQ High Low Logic Index crosses above 6%. - Cluster of breadth warnings make this a notably more risky momentum market to chase.
- [World Wrap](/wp-content/uploads/Research/Reports/20191118-World-Wrap.pdf#new_tab) - - US Equities, Treasuries, & REITs climbed - Intl equities & commodities declined. Long-maturity Treasuries snap back to end recent losing streak. - Style boxes line up uniformly in favor of large over small & growth over value ytd. Strong rallies from Utilities and Healthcare, as Healthcare is slowly clawing its way back. - Longer term implications of trade war include a push by China to move away from a reliance on the US dollar, according to economists at ANZ bank. - Concerns highlighted by Fed's twice a yr report - high corp. & hedge fund leverage, lack of liquidity in futures mkts, & low rates encouraging too much risk-taking.
- [Market Outlook - Nasdaq has the HOTS](/wp-content/uploads/Research/Reports/20191115-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index improves again but in territory that's too high for defensive investors. - Options traders enthusiasm has hit levels that tends to precede upticks in volatility. - NASDAQ sees simultaneous trigger of both the Hindenburg Omen and Titanic Syndrome on multiple days this week.
- [World Wrap](/wp-content/uploads/Research/Reports/20191111-World-Wrap.pdf#new_tab) - - Global stocks rallied - bonds and REITs sold off. US equities take the lead among asset classes. - Over the last 3 mos, value stocks staging comeback, outperforming growth across mkt cap spectrum. Utilities sold off more than 3.5% as bond yields climbed. - Emerging markets outperformed last week. US Dollar starting to weaken against Chinese Renminbi as optimism around Phase 1 deal builds. - Bonds sold off nearly across the board, with the exception of US high yield. US Bond market has stopped pricing in add'l rate cuts.
- [Market Outlook - Did your turkey index make a new high?](/wp-content/uploads/Research/Reports/20191108-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index drops but still too elevated. - Psychology improves on technicals, but offset by enthusiasm from option traders. - Also...cool charts from Dallas Fed that expound on burgeoning gap between two popular Consumer Confidence surveys.
- [World Wrap](/wp-content/uploads/Research/Reports/20191104-World-Wrap.pdf#new_tab) - - All asset classes rallied last week. Most of the gains from equities came on Friday on better than expected payroll numbers from the BLS. - All large cap style indices broke to new highs last week. Mid-cap stocks are close, but small caps still have some work to do. - Ten countries joined US equities to make new 52 week highs. Of the 10, only Switzerland made a new all-time high. - Based on comments from Commerce Secretary, Wilbur Ross, optimism is building that the US-China "phase one" trade deal will happen this month.
- [Market Outlook - Consumer Confidence in Present Situation Rebounds](/wp-content/uploads/Research/Reports/20191101-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index unchanged - Changes in psychology and Monetary moves offset. - Consumer Confidence in present situation rebounds to move closer to cycle highs and still too close for comfort to 50yr highs. - It's a momentum chaser's market - but one with more risk than reward.
- [World Wrap](/wp-content/uploads/Research/Reports/20191028-World-Wrap.pdf#new_tab) - - Stocks & commodities moved higher - bonds & REITs lower. We plot the MSCI USA Index total return for US stocks, and the index reached a new high on Friday. - Big bounce from Transports, Industrials, Energy and Finance. S&P 500 less than an 0.2% move from a new high. - While not close to all-time highs, four countries finished the week at 52 week highs - France, Ireland, Japan and Russia. - Fed widely expected to cut rates by 25bps on Wed. China's state bank urged the country's banks to step up application of "blockchain" and embrace "digital finance."
- [Market Outlook: Yield Curve Reverts to Positive Slope](/wp-content/uploads/Research/Reports/20191025-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index drops slightly on a modest improvement in monetary conditions. - The yield curve reverts to a positive slope. Inside, you'll find every historical example in the last half century.
- [World Wrap](/wp-content/uploads/Research/Reports/20191021-World-Wrap.pdf#new_tab) - - Stocks & REITs rallied. Bonds were flat, and commodities declined. S&P 500 finished the week less than 1% away from new highs. REITS up almost 30% ytd. - Size and value factors outperformed last week. Financials bounced 2.5%, but the big 4 US bank Q3 eps rpts have revealed slowed growth in lending. - Boris Johnson expected to put Brexit deal draft through parliament vote this week. WSJ reports global policy uncertainty index at all-time highs. - Fed now injecting both permanent & temporary liquidity into mkts and again expanding balance sheet. JP Morgan reports that money mkt stress likely to worsen.
- [Market Outlook: Economy at crossroads](/wp-content/uploads/Research/Reports/20191018-Cypress-Market-Outlook.pdf#new_tab) - - Psychology and Valuation push Market Risk Index close to cycle highs. - Economic releases highlighting an economy at a crossroads and likely a binary outcome for stocks - either pretty good or very bad. - Total corporate payouts have exceeded free cash flow for 5+yrs, pushing corporate borrowings to nearly half of GDP.
- [World Wrap](/wp-content/uploads/Research/Reports/20191014-World-Wrap.pdf#new_tab) - - Stocks sold off early in the week but then rallied strongly on Friday on trade US-China trade optimism to finish the week higher. Intl stocks saw the largest gains. - S&P 500 within a couple of percent of new highs with the last month's returns driven largely by more defensive and cautious sectors & factors. - China exports to US dropped over 20% in September on heavier tariffs. Over weekend, China said to want more talks before agreeing to phase 1 deal. - Fed announces it will buy $60 billion in T-Bills per month through Q2 2020 in an effort to stabilize money markets.
- [Market Outlook: Is the tide starting to go out?](/wp-content/uploads/Research/Reports/20191011-Cypress-Market-Outlook.pdf#new_tab) - - Individual investors are overweight equities, nervous and selling. Meanwhile, big cap US corporations continue to buy the stock they are selling. - Growth in monetary aggregates is accelerating, and the yield curve inversion is lasting too long.
- [World Wrap](/wp-content/uploads/Research/Reports/20191007-World-Wrap.pdf#new_tab) - - Stocks dropped, while bonds and REITs rallied. REITs are up nearly 30% year to date. US equities beating intl stocks by almost double. - Style boxes have again fallen neatly back into the predominant 2019 theme: growth over value & large over small. Low vol stocks beating almost everything. - US-China trade talks resume this week, and China reported to be taking a tougher stance. China has bot over 100 tons of gold since resuming purchases in Dec. - US Unemployment falls to 3.5%, a 50 year low. Trade deficit rises in August with no sign of improvement as a result of tariffs.
- [Market Outlook: MRI close to worst readings of 2019.](/wp-content/uploads/Research/Reports/20191004-Cypress-Market-Outlook.pdf#new_tab) - - Investor psychology breaches the worst decile of readings. - Consumers widely expect lower interest rates over the next 12 months, to levels consistent with economies in or most vulnerable to recession.
- [World Wrap - Q3 2019](/wp-content/uploads/Research/Reports/20191001-World-Wrap-QTR-END.pdf#new_tab) - - Q3 ends with US REITs leading all major asset classes, followed by US equities broadly. - Value stocks outperformed in Q3. Tech retains the title of best performing ytd sector, but Utilities & Staples won the qtr, up more than 9% and 6% respectively. - International equities declined in Q3, with emerging markets declining more than 4%, driven lower by China and Latin America. - Duration bets are beating credit bets, with the 10 and 20 Yr Treasuries climbing more than 7% in Q3 and more than 19% ytd.
- [World Wrap](/wp-content/uploads/Research/Reports/20190930-World-Wrap.pdf#new_tab) - - Equities and commodities declined, while bonds and REITs rallied. REITs lead all asset classes & having their best year since 2014. - Growth stocks and small cap stocks were punished in markets last week. Small cap growth lags all other style boxes. Healthcare stocks declined 3% last week. - China manufacturing PMI improves but still in contraction. In response to rumors, Trump administration says no plan to block Chinese listings on US exchanges. - A Reuters poll of fixed income strategists reveals 70% expect bond yields to remain depressed for at least 5 yrs.
- [Market Outlook: Levered ETF speculators are full of enthusiasm](/wp-content/uploads/Research/Reports/20190927-Cypress-Market-Outlook.pdf#new_tab) - - MRI makes a move in the wrong direction. - Psychology readings are a rounding error away from the bottom decile - the level that puts market rallies on notice. - ETF investors are levering up. - Credit cycle indicators are suggesting caution, but confidence has yet to break. - Do impeachment headlines matter?
- [World Wrap](/wp-content/uploads/Research/Reports/20190923-World-Wrap.pdf#new_tab) - - Major risk assets rallied last week, except US stocks, which broke their four-week streak of higher prices to close down for the week. - Small stocks & value stocks gave back some recent gains selling off more than the mkt. Energy, Healthcare & Utilities sectors climbed while all other sectors fell. - Big miss in European PMI. Same theme of weaker manufacturing but starting to spread to service sector. Saudis expect to restore full oil output by next week. - Fed announced it will provide $75b to overnight repo market daily through October 10 in effort to alleviate cash crunch and prevent a spike in short term rates.
- [Market Outlook: Is money getting tighter?](/wp-content/uploads/Research/Reports/20190920-Cypress-Market-Outlook.pdf#new_tab) - - Investor Psychology improvements are waning, and sentiment is reversing. - Valuations improve, but are still in the "Black Swan" decile. - Quant crash last week and overnight repo market make it sound like money is getting tighter. - Small caps and value stocks are attractive on a relative basis but a little below average on an absolute basis.
- [World Wrap](/wp-content/uploads/Research/Reports/20190916-World-Wrap.pdf#new_tab) - - Global equities rose again, as did commodities, while bonds and interest rate sensitive assets took a breather last week. - Monster one-week snapback rally in both small cap and value stocks last week, which has market watchers asking if it rang a bell signaling a better days ahead for value. - Oil prices set to surge after drone attack on Saudi oil field takes out half the country's oil production temporarily. China industrial production at 17-yr low. - Fed is widely expected to cut rates by 25 basis points this week. WSJ reports warning signs coming from high yield market.
- [Market Outlook: Wild Swing in 10 Day Arms Index](/wp-content/uploads/Research/Reports/20190913-Cypress-Market-Outlook.pdf#new_tab) - - MRI improves, but not much. - Psychology composite continues to improve, but as a result of technicals. Sentiment related improvements have stalled. - 10Day ARMS Index makes a wild swing, which should provide insight into what kind of market rally this really is.
- [World Wrap](/wp-content/uploads/Research/Reports/20190909-World-Wrap.pdf#new_tab) - - Risk assets rallied collectively for the second week in a row. Bonds sold off modestly. US equities are just shy of 2019 highs. - The largest concentration of US Zombie companies is in the Healthcare sector, 2019's second worst performing sector ytd. Zombies are cos with interest pmts higher than op profits. - Earnings expectations for the S&P 500 in Q3 are for addl y/y declines, the third quarter in a row of negative y/y growth. - ECB is expected to unveil additional stimulus plans at its policy meeting this week. 20bps cut expected, but concern is growing over negative interest rates.
- [Market Outlook: Advance Decline line high amidst sluggish performance from the average stock.](/wp-content/uploads/Research/Reports/20190906-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index worsens, locked in defensive territory. - Advance/Decline high occurring while the average stock is lagging and a lot of stocks are making new lows. - Fed has enough evidence for an aggressive cut, but buyback fueled S&P 500 approaching its highs makes it less likely.
- [World Wrap](/wp-content/uploads/Research/Reports/20190903-World-Wrap.pdf#new_tab) - - After 4wks in a row of declines, US equities staged a rally last week. All major asset classes were in rally mode last week. - 2019 shaping up to be 3rd yr. in a row that small value underperforms large growth. First time since 1999. In that instance, small value went on to outperform 7yrs in a row. - US & China struggle to agree on a meeting date after US tariffs took effect over the weekend. - ECB September meeting will likely bring announcement of 20-30B Euros in monthly bond purchases in a new round of QE.
- [Market Outlook: MRI unmoved in elevated territory](/wp-content/uploads/Research/Reports/20190830-Cypress-Market-Outlook.pdf#new_tab) - - Little movement in Market Risk Index over the last two weeks. - Inverse ETF volume is picking up. - Record surge in OEX put/call ratio. - Chart extremes are telling a story.
- [World Wrap](/wp-content/uploads/Research/Reports/20190826-World-Wrap.pdf#new_tab) - - US Equities declined for the 4th week in a row on more US-China trade drama. International equities bucked that trend and managed to climb modestly for the week. - Energy sector dropped 1.9% and now in negative territory ytd. Tech leading all sectors ytd, but Utilities & Staples outperforming all sectors over the last 1yr substantially. - Wk in trade: China announces tariffs - Trump threatens to force US cos to stop doing biz w China. Trump says China wants to restart talks - China disputes it. - The message coming from central bankers in Jackson Hole last week was that central banks cannot solve all the world's problems.
- [Market Outlook: Sentiment improving but offset by drop in monetary conditions and valuations](/wp-content/uploads/Research/Reports/20190823-Cypress-Market-Outlook.pdf#new_tab) - - Short-leading sentiment indicators push psychology scores out of the bottom decile for the first time since the end of July. - Falling CEO Confidence could slow the pace of stock buybacks. - NYSE High Low Logic Index All-Time High
- [World Wrap](/wp-content/uploads/Research/Reports/20190819-World-Wrap.pdf#new_tab) - - Equities have fallen and bond prices have risen for three straight weeks. REITs claim top ytd asset class, buoyed by falling yields. - Energy stocks lost over 3% last week, and the sector is now the worst performing sector ytd, up a little over 1% for the year. - Expectations growing that Fed chair Powell will use Jackson Hole meeting this week to affirm market expectations for a 25bps cut in September. - Longer maturity Treasuries were up over 4% last week and up over 20% ytd, beating US equity performance.
- [Market Outlook: Short-term psychology improving...but not enough](/wp-content/uploads/Research/Reports/20190816-Cypress-Market-Outlook.pdf#new_tab) - - MRI worsens on drop in monetary conditions and not enough improvement in psychology to offset it - Short term psychology improving - higher put/call ratios and highest 10 Day ARMS Index reading is higher than December 2018. - But, negative Internals with a fresh High Low Logic Index sell signal - Overbought bond momentum makes short term reversal in bond yields likely.
- [World Wrap](/wp-content/uploads/Research/Reports/20190812-World-Wrap.pdf#new_tab) - - After a big decline Monday, equities spent the rest of the week clawing their way back to closing less than 1% lower on the wk. Bonds and REITs climbed. - Rally in bonds boosted utilities stocks by more than 1%. Energy stocks were big losers over the week and challenging Healthcare as worst performing sector ytd. - China is thought to be holding back on large stimulus on economic weakness, keeping it in reserve if trade war escalates. - Reuters reports that Trump believes his Fed criticism is working and is likely to continue to push the Fed for more easing going into election year.
- [Market Outlook - AAII bearishness surges...yield curve inversion hits new depths](/wp-content/uploads/Research/Reports/20190809-Cypress-Market-Outlook.pdf#new_tab) - - Surge in AAII bears, but not enough to move our psychology basket out of the bottom decile. - Yield curve inversion goes sets new cycle lows. - Buybacks surged Monday. S&P 500 buybacks have pushed the payout ratio beyond 100%. - Broad commodity trend turns down, but gold trend is strong. - Trimmed position in long term Treasuries on overbought Bond Momentum readings.
- [World Wrap](/wp-content/uploads/Research/Reports/20190805-World-Wrap.pdf#new_tab) - - Global equities and commodities sell off dramatically as bonds and REITs rallied. Uncertainty around path of interest rates and Chinese tariffs blamed. - Warren Buffett's cash pile rises to a record $122 billion. In an echo of 1999, Berkshire Hathaway stock is down in a year where large cap stocks are up big. - After announcement of addl Chinese tariffs, Yuan has weakened to a record low for offshore trading, breaking important psych barrier of 7 Yuan per dollar. - Post Powell comments and Trump tariff announcement, bond market pricing in 100% chance of another cut in September, up from 56% a wk earlier.
- [Market Outlook - Consumer Confidence Rebounds in July](/wp-content/uploads/Research/Reports/20190801-Cypress-Market-Outlook.pdf#new_tab) - - MRI climbs again on drops in both psychology and monetary conditions. - Investor psychology was hurt by a sharp rebound in consumer confidence, as consumers saw lower interest rates and higher stock prices on the way. - Maintaining both elevated confidence and the status quo in the bond market should be top priority for stock market bulls.
- [World Wrap](/wp-content/uploads/Research/Reports/20190729-World-Wrap.pdf#new_tab) - - Equities rallied, and bonds & commodities declined. US equities widen performance lead over other asset classes. - WSJ reported that overlap in top 50 holdings in mutual and hedge funds is near record levels as pros have piled into the same outperforming names. - US & China set to resume trade talks this week. Low expectations for any substantial breakthroughs. - Fed expected to cut rates by 25 basis points on Wednesday. Uncertainty is building about what likely policy will be after that.
- [Market Outlook - Psychology extreme and waning breadth signaling end of the summer rally?](/wp-content/uploads/Research/Reports/20190725-Cypress-Market-Outlook.pdf#new_tab) - - Market Risk Index climbs to 82.4 after investor psychology hits worst 10% of readings. - Psychology readings and recent Hindenburg Omen increase odds that the summer rally is over. - Monetary score drops again. Headlines that money market fund assets are surging are not what bulls should hope for...
- [World Wrap](/wp-content/uploads/Research/Reports/20190722-World-Wrap.pdf#new_tab) - - US Equities and commodities sold off last week. International Equities and bonds were flat. Busy earnings week with 145 S&P 500 companies due to report. - Small caps continue to struggle, close to challenging a declining 200dma. Worst ytd under-performance by small caps since the Internet bubble in 1999. - US trade delegation set to meet with Chinese counterparts in China next week for trade discussion. Public unrest in Hong Kong continued for seventh weekend. - Fed is signaling a 25-bps cut is likely at the July meeting. Little consensus for 50bps cut. Budget and debt ceiling deal nearly complete.
- [Market Outlook - Investor psychology putting summer rally at risk](/wp-content/uploads/Research/Reports/20190719-Cypress-Market-Outlook.pdf#new_tab) - Market Risk Index breaches 80 on downgrades to psychology, monetary and valuation. Investor psychology likely to breach lowest 10% of readings within the next couple of weeks, which will likely mark the end of the summer rally. A Fed rate cut later this month is about maintaining very elevated investor confidence - a tall order.
- [World Wrap](/wp-content/uploads/Research/Reports/20190715-World-Wrap.pdf#new_tab) - Divergence in asset class performance last week, US equities rallied to new highs. Bonds, REITs and international stocks all declined. While big cap stocks made headlines with new highs last week, small and mid-cap stocks declined. Healthcare stocks continue to struggle in 2019, declining 1.4%. China's economic growth at its slowest in 27 years on trade tensions and lack of investment. Crude oil rose almost 5% during the week, pushing broad commodity indices higher. Prices for long maturity Treasuries declined more than 1%.
- [Market Outlook - Psychology making a push toward bottom 10% of readings](/wp-content/uploads/Research/Reports/20190711-Cypress-Market-Outlook.pdf#new_tab) - Market Risk Index moves higher on deterioration in both monetary and psychology categories. M2 and MZM growth rates are beginning to pick up, early signs of a shift toward risk aversion. The market's June bottom coincided with extremes in AAII survey and put/call ratios. Both have reversed, one to neutral, the other to the opposite extreme.
- [World Wrap](/wp-content/uploads/Research/Reports/20190708-World-Wrap.pdf#new_tab) - US equities lead all asset classes. Earnings season picks up this week. Analysts expect Q2 to bring a 2.6% decline in yr over yr eps for the S&P 500. In a positive development for breadth, mid cap stocks are beginning to catch up with large cap stocks. Small caps continue to lag, as well as Healthcare sector stocks. Conservatives in Greece win national election in landslide on promises to cut taxes and red tape. Greece leads all ytd country returns. Powell semi-annual testimony on monetary policy on Wed & Thur. Friday's jobs report complicates picture of Fed easing. Mkt pricing in a July rate cut, but that's it.
- [Market Outlook - Corporate Insiders are Buying](/wp-content/uploads/Research/Reports/20190703-Cypress-Market-Outlook.pdf#new_tab) - OpenInsider Buy to Sell Ratio shows corporate insiders buying stocks in a way that we've never seen with a market at highs. It's highlighting the growing relative attractiveness of smaller cap stocks. Monetary Conditions continue an ongoing tug of war between the inverted yield curve and falling corporate bond yields. The yield curve is winning.
- [World Wrap - Q2 2019](/wp-content/uploads/Research/Reports/20190701-World-Wrap-QTR-END.pdf#new_tab) - Q2 ends with US equities leading all major asset classes. Cap-weighted indices finished the quarter near highs on expectations of a summer rate cut. Growth leads value, and large leads small year to date. Technology is the clear winner among sectors thus far. International equities up but were not able to make new highs along with US stocks. Global slowdown concerns continue. Long maturity Treasuries and US High yield returns are running neck and neck. The quarter closed with T-bills yielding more than 10Yr Treasuries.
- [Market Outlook - MRI improvement grinds to a halt](/wp-content/uploads/Research/Reports/20190627-Cypress-Market-Outlook.pdf#new_tab) - Psychology reverses course on consumer confidence release. Consumer confidence is close to rolling over. The two most bullish indicators for psychology are highlighting some divergences occurring under the surface of the market's highs. Monetary conditions roll over after almost crossing above average readings.
- [World Wrap](/wp-content/uploads/Research/Reports/20190624-World-Wrap.pdf#new_tab) - All major asset classes rallied last week, with US stocks leading the way after Fed held rates steady, as expected. Large cap US stocks broke to new highs. While large caps made new highs, smaller stocks have room to go. Surprisingly, the advance/decline line made up of US cos also did not make a high last week. Reuters poll of economists revealed that more than 80% believe the ECB will "either cut its deposit rate or ease its forward guidance...by the end of September." Gold rallied to a new five year high on the news that Fed easing is growing more likely. Oil prices rallied almost 9% on Iran geopolitical tensions.
- [Market Outlook - Money Demand is on the rise...](/wp-content/uploads/Research/Reports/20190620-Cypress-Market-Outlook.pdf#new_tab) - Psychology improvement is beginning to fizzle. Money demand is beginning to increase, the first sign of a broader shift toward risk aversion. Small cap trend turns defensive. We initiated a position in gold early this week inside multi-asset portfolios.
- [World Wrap](/wp-content/uploads/Research/Reports/20190617-World-Wrap.pdf#new_tab) - Risky asset classes climbed modestly last week. US Equities up two weeks in a row after previous four weeks in a row of declines. Large cap indices are close to taking out April highs as small cap stocks struggle to hold their 200-day moving average, after peaking last September. Developed markets declined over the week while strength in emerging markets was strong enough to push broad intl indices modestly higher. The bond market is pricing in a Fed rate cut, but the consensus from Fed watchers is that the cut is not likely to come during the meeting this week.
- [Market Outlook - Psychology out of the bottom decile](/wp-content/uploads/Research/Reports/20190613-Cypress-Market-Outlook.pdf#new_tab) - Psychology still showing excessive enthusiasm but out of bottom decile. High Low Logic goes from minor sell signal to major one. T-Bill yields acting like a Fed Funds rate cut is a given.
- [World Wrap](/wp-content/uploads/Research/Reports/20190610-World-Wrap.pdf#new_tab) - Bounce in US equities last week dwarfs move in other key asset classes. Commodities sell off again and are flirting with negative ytd returns. Small cap stock bounce last week lags large cap, as small cap indices finish the week with prices still below 200 day moving average. US suspended Mexico tariffs following deal on migration. WSJ reports that deal also "reinforces the notion that US will continue to use tariffs as leverage." The probability of a Fed rate cut next month shot above 80% after Friday's weaker than expected payroll report. Stock market appears to be discounting rate cut as well.
- [Market Outlook - AAII says Buy, High Low Logic says Sell](/wp-content/uploads/Research/Reports/20190606-Cypress-Market-Outlook.pdf#new_tab) - Market risk improves slightly. AAII Survey produces four consecutive weeks of high bearish readings. High Low Logic Index gives sell signal. Yield curve moves firmly into inverted territory. Tariffs have been largely offset by a falling Chinese currency.
- [World Wrap](/wp-content/uploads/Research/Reports/20190603-World-Wrap.pdf#new_tab) - Bonds overtook commodities in year to date returns among key asset classes last week. Big cap DJIA and S&P 500 fell below their 200-day moving avgs. No sector was spared in last week's decline, with even defensive sectors selling off. Small cap stocks are now up less than 6% year to date. WSJ reports over the weekend that China and Mexico have signaled "a willingness to step up trade talks with the US." Fed conference in Chicago this week to focus on concerns about the economy falling into a low-inflation trap like Japan.
- [Market Outlook - Consumer Complacency at 19 Year High](/wp-content/uploads/Research/Reports/20190531-Cypress-Market-Outlook.pdf#new_tab) - Put/Call Ratios hitting levels that even bad markets take a respite. Consumer Confidence in Present Situation is at a 19 Year High. Bond Market asking for rate cut - it's likely it will get one.
- [World Wrap](/wp-content/uploads/Research/Reports/20190528-World-Wrap.pdf#new_tab) - Stocks declined last week while bonds and interest rate sensitive sectors rallied. A 7% drop in crude oil prices weighed on broad commodity indices. After a broad rally off the December lows, small cap stocks began struggling to keep up in March and have fallen further behind large cap stocks. Beijing signaling a hard-line stance on trade, and Trump says US is not ready to make a deal with China. Bitcoin now up a whopping 122% year to date. To show how far it had fallen last year, the price is up less than 8% over the last 12 months.
- [Market Outlook - Tailwind from Recent Interest Rate Declines Subsides](/wp-content/uploads/Research/Reports/20190523-Cypress-Market-Outlook.pdf#new_tab) - Sentiment giving few indications that May's correction has fully run its course. Interest rates category downgraded to neutral from positive for Monetary composite. You don't win trade wars - you survive them.
- [World Wrap](/wp-content/uploads/Research/Reports/20190520-World-Wrap.pdf#new_tab) - US equities were the only asset class to decline last week as other key asset classes rallied. Real Estate takes the lead among asset classes. Outperformance gap between large and small caps widening. Small caps not only fell short of 2018 highs, but the Russell 2000 is now trading under its 200dma. China reported to be in no rush for more trade talks. Goldman calculates a 25% tariff on all China imports would lower S&P 500 eps by 6%. Saudi energy minister said on Sunday that there is consensus among OPEC to push down crude inventories. Crude prices are up 37% year to date.
- [Market Outlook - Modest Psychology Improvement Offset by Valuations](/wp-content/uploads/Research/Reports/20190516-Cypress-Market-Outlook.pdf#new_tab) - Equity Return Forecast drops to 3.2% Psychology improves, but not much. Rate cut growing more likely by end of summer.
- [World Wrap](/wp-content/uploads/Research/Reports/20190429-World-Wrap.pdf#new_tab) - REITs bounce back and claim the number 2 spot. S&P500 and NASDAQ hit new highs. Small and mid-cap stocks, and international equities have more work to do. Healthcare turns positive but is lagging the average sector performance by the widest spread since the Clinton health initiative in 1993. Little progress with US-Japan trade talks last week, as US-China trade talks are set to resume this week. Core PCE inflation falls to one-year low, 1.6% year over year. Expectations are this should keep Fed policy changes out of the headlines for a time.
- [Market Outlook - Wall of Worry Evaporates](/wp-content/uploads/Research/Reports/20190502-Cypress-Market-Outlook.pdf#new_tab) - Investor Psychology drops further, hitting levels last seen in early 2018. The stock market highs have short term breadth problems. The yield curve has quickly faded from headlines.
- [World Wrap](/wp-content/uploads/Research/Reports/20190506-World-Wrap.pdf#new_tab) - Markets were able to close the week modestly higher after a strong Friday jobs report which included a 49yr record low unemployment rate of 3.6% Healthcare has been staging a bounce back, with all its 4.8% ytd gains coming in the last two wks. The sector has become a 2020 election poll. In a familiar tactic of Trump's to use economic strength as political capital in trade negotiations, tariffs on $200b of Chinese goods to increase to 25% on Friday. Commodities have been slipping since peaking nearly a month ago. The economic bellwether, Dr. Copper, has been sliding, contradicting recent positive economic news.
- [Market Outlook - Beyond Meat Peak Sentiment](/wp-content/uploads/Research/Reports/20190509-Cypress-Market-Outlook.pdf#new_tab) - No movement in the market risk index over the last week. Investor psychology shows few signs of short-term improvement.
- [World Wrap](/wp-content/uploads/Research/Reports/20190513-Cypress-World-Wrap.pdf#new_tab) - [et_pb_section fb_built="1" _builder_version="3.22.3" custom_padding="0px|||"][et_pb_row _builder_version="3.22.3" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.22.5"] REITs bounce back and claim the number 2 spot. S&P500 and NASDAQ hit new highs. Small and mid-cap stocks, and international equities have more work to do. Healthcare turns positive but is lagging the average sector performance by the widest spread since
- [Market Outlook - Psychology reaches extremes](https://www.cypresscapital.com/mo20190425/) - [et_pb_section fb_built="1" _builder_version="3.22" custom_padding="0px|||"][et_pb_row _builder_version="3.22" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Summary" _builder_version="3.22.2"] Psychology drops into the bottom decile. Market still following the post 1998 correction script. Stories matter, but Price matters more. [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="PDF Download" _builder_version="3.22.2"]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [World Wrap](https://www.cypresscapital.com/ww20190408-2-2/) - [et_pb_section fb_built="1" _builder_version="3.22" custom_padding="0px|||"][et_pb_row _builder_version="3.22" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.22.2"] Real Estate falls to third place after a sharp drop. US Equities now lead all asset classes. FAANG stocks gain $873 billion in value ytd, nearly recouping Q4 losses. Healthcare stands out as the only sector down for the year on political
- [Market Outlook - Monetary conditions improve again](https://www.cypresscapital.com/mo20190418/) - [et_pb_section fb_built="1" _builder_version="3.22" custom_padding="0px|||"][et_pb_row _builder_version="3.22" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Summary" _builder_version="3.22.2"] Market Risk Index drops again as improvements to monetary condition outweigh deterioration in psychology and valuation. Drop in corporate bond yields as a short term stimulus. 1998 analog - small cap stocks are following the script. Spread between expected returns on stocks and
- [World Wrap](https://www.cypresscapital.com/ww20190408-2/) - [et_pb_section fb_built="1" _builder_version="3.22" custom_padding="0px|||"][et_pb_row _builder_version="3.22" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.22.1"] After three straight weeks of gains, US Equities are poised to take the lead from Real Estate. FAANG stocks are up more than 26% ytd. The continued rally in those previous high flyers is like tech stock behavior coming out of the
- [Market Outlook - The Bull with No Expiration Date?](https://www.cypresscapital.com/mo20190411/) - [et_pb_section fb_built="1" _builder_version="3.22" custom_padding="0px|||"][et_pb_row _builder_version="3.22" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Summary" _builder_version="3.21.4"] Market Risk drops some this week as monetary conditions & market trend improve. Psychology hovering near the worst 10 percent of readings as Barron's declares "This Bull Market Has No Expiration Date." 1998 Redux [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="PDF Download" _builder_version="3.21.4"]Click the image to
- [World Wrap](https://www.cypresscapital.com/ww20190408/) - [et_pb_section fb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.21.4"] Strong week for equities and risk assets. Barron's cover story over the weekend proclaims, "This Bull Market Has No Expiration Date." 2018 repeat - the sectors and styles that were leading before the correction in 2018 are now leading in 2019. Washington
- [World Wrap - Q1 2019](https://www.cypresscapital.com/ww20190401/) - [et_pb_section fb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.21.1"] Q1 closes with Real Estate leading all asset classes. Equity strength was historic, much of it a rebound after the worst December for stocks in a generation. Early in the quarter, small stocks & value stocks led but the last few weeks
- [Market Outlook - Yield Curve Inverts](https://www.cypresscapital.com/mo20190329/) - [et_pb_section fb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Summary" _builder_version="3.21.1"] Investor Psychology drops to lowest 12% of readings. Don't disregard where we are in the cycle - the yield curve is your signpost. [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="PDF Download" _builder_version="3.21.1"]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this
- [World Wrap](https://www.cypresscapital.com/ww20190311-2-2/) - [et_pb_section fb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.20.2"] Stocks and commodities sell off as bonds rally, as Fed's dovish response has raised recession concerns. Senate Dems plan to hold hearing on corporate buybacks on Tuesday. Large cap stocks & growth stocks have firmly reasserted their pre-Q4 sell off leadership. Small
- [World Wrap](https://www.cypresscapital.com/ww20190311-2/) - [et_pb_section fb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Bullet Points" _builder_version="3.20.2"] Big move higher in commodities last week on a 4.3% bounce in oil prices. Real Estate still leads all asset classes. Both small stocks and value stocks gave up their leads last week. Last year's trend of growth and big stocks leading
- [Market Outlook](https://www.cypresscapital.com/mo20190315/) - [et_pb_section fb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row _builder_version="3.0.48" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="Summary" _builder_version="3.20.2"] Investor Psychology falls to bottom quintile of readings. Monetary Base Growth Declining at the fastest pace since 1937. We are entering the most precarious phase of the 2019 rally. [/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="3.0.47"][et_pb_text admin_label="PDF Download" _builder_version="3.20.2"]Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first
- [World Wrap](https://www.cypresscapital.com/ww20190311/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text admin_label="Bullet Points" _builder_version="3.19.18"] Stocks suffer 2nd weekly decline of 2019, as S&P 500 hits resistance and quad top at 2,800. REITs climb modestly & recapture the title for best performing asset class.Advantage to small stocks & value stocks has narrowed - no longer a clear style leader. Healthcare - one
- [World Wrap](https://www.cypresscapital.com/ww20190304/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text admin_label="Bullet Points" _builder_version="3.19.18"] Real Estate declined and gave up the title for best performing asset class. Bonds and commodities also declined as stocks rallied.Staples, Healthcare, and Utilities: just as you'd expect in a risk-on rally, the defensive sectors that led last year are lagging year to date.WSJ reported that US
- [World Wrap](https://www.cypresscapital.com/ww20190219-2/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.17"] Busy economic headline week high with Fed chair Powell delivering testimony on Tues and Wed and Q4 GDP data released on Thurs and PCE inflation data on Friday. Industrials, Energy and Technology lead all sectors year to date. Small and value continue to lead in size and style categories. Trump delays
- [Market Outlook](https://www.cypresscapital.com/mo20190221-2/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.17"] Investor Psychology drops to 27th percentile. Valuations back in worst decile of readings. Corporate Insiders change their mind about stocks. LBO leverage at record highs...and more charts. [/et_pb_text][/et_pb_column][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.17"] Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content. Login
- [World Wrap](https://www.cypresscapital.com/ww20190219/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.14"] Real Estate extends its lead over other asset classes. This is the best start for REITs since 1991, which was a rebound yr. from the 1990 REIT bear market. In a reversal to last year's trend - value is edging out growth, and smaller stocks are edging out large
- [Market Outlook](https://www.cypresscapital.com/market-outlook-2-4-3/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.14"] Short term trend for international equities turns up, while currency hedged trend turns down.Psychology is deteriorating rapidly.The 1998 analog is still in play.The limitations of market breadth.This week's best charts... [/et_pb_text][/et_pb_column][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.14"] Click the image to download. [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section] You must first subscribe or login to access this content.
- [World Wrap](https://www.cypresscapital.com/market-outlook-2-4-2-2/) - [et_pb_section bb_built="1" _builder_version="3.0.92" custom_padding="0px|||"][et_pb_row][et_pb_column type="1_2"][et_pb_text _builder_version="3.19.12"] Risk assets sold off last week, except Real Estate, which pulled further ahead. Border security funding talks collapse with govt funding set to run out Sat morning.Eps expectations continue to fall. Q1 earnings set to be the first yr over yr decline in earnings in nearly three years.US-China trade

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## Memberships

- [Annual Research Subscription](https://www.cypresscapital.com/register/annual-subscription/) - Access our Market Risk Index Weekly Market Outlook Weekly World Wrap Charts of over 100 market indicators Access to all published research Note: For advisor and private clients - please contact us for access.

## Layouts

- [Asset Management](https://www.cypresscapital.com/et_pb_layout/asset-management/) - [et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”3.22″ custom_padding=”0|0px|0|0px|false|false”][et_pb_fullwidth_header title=”Asset Management Services” subhead=”Our Philosophy, Our Portfolios” header_fullscreen=”on” header_scroll_down=”on” button_one_text=”Philosophy” button_one_url=”#philosophy” button_two_text=”Portfolios” button_two_url=”#portfolios” _builder_version=”3.20.2″ title_font=”||||||||” title_text_color=”#ffffff” title_font_size=”39px” subhead_font=”|700||on|||||” subhead_text_color=”#ffffff” use_background_color_gradient=”on” background_color_gradient_start=”#a3b1c5″ background_color_gradient_end=”#193d6f” background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/cypress_home_bg.jpg” parallax=”on” custom_button_one=”on” button_one_bg_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/wood-photo_02.jpg” custom_button_two=”on” button_two_bg_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/wood-photo_02.jpg” custom_margin=”||0px|” custom_padding=”||15px|”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ module_id=”layouts” _builder_version=”3.22″ background_color=”#ffffff” custom_padding=”54px|0px|8px|0px|false|false”][et_pb_row _builder_version=”3.25″][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text module_id=”philosophy” _builder_version=”3.27.4″ text_font_size=”15px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”40px” header_2_line_height=”1.4em” header_4_font=”|700||on|||||” header_4_text_color=”#193d6f”
- [Research Content](https://www.cypresscapital.com/et_pb_layout/research-content/) - [et_pb_blog posts_number=”4″ include_categories=”22,53″ use_overlay=”on” hover_icon=”%%47%%” admin_label=”Research Content Blog” module_class=”research-blog” _builder_version=”4.4.1″ header_font=”||||||||” body_font=”||||||||” body_font_size=”12px” meta_font=”|||on|||||” meta_text_color=”#474747″ meta_font_size=”12px” pagination_font=”||||||||” link_option_url_new_window=”on” header_font_size_tablet=”25px” header_font_size_phone=”23px” header_font_size_last_edited=”on|tablet” body_font_size_tablet=”” body_font_size_phone=”” body_font_size_last_edited=”on|desktop” meta_font_size_tablet=”10px” meta_font_size_phone=”” meta_font_size_last_edited=”on|phone” pagination_font_size_tablet=”51″ pagination_line_height_tablet=”2″ custom_css_featured_image__hover_enabled=”on” template_type=”module”] [/et_pb_blog]
- [Asset Management Footer](https://www.cypresscapital.com/et_pb_layout/asset-management-footer/) - [et_pb_section fb_built=”1″ admin_label=”Footer” _builder_version=”4.4.8″ use_background_color_gradient=”on” background_color_gradient_start=”#1b52d9″ background_color_gradient_end=”rgba(3,37,121,0.85)” background_color_gradient_direction=”175deg” background_color_gradient_overlays_image=”on” background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/risk-32.jpg” custom_padding=”0|0px|54px|0px|false|false” hover_enabled=”0″ box_shadow_style=”preset7″ box_shadow_horizontal=”0px” box_shadow_vertical=”120px” box_shadow_color=”#ffffff” locked=”off” template_type=”section”][et_pb_row padding_top_bottom_link_2=”true” padding_left_right_link_2=”true” _builder_version=”3.25″ width=”90%” max_width=”90%” module_alignment=”right” use_custom_width=”on” width_unit=”off” custom_width_percent=”90%” animation_style__hover=”none” animation_style__hover_enabled=”none” animation_repeat__hover=”once” animation_repeat__hover_enabled=”once” animation_direction__hover=”center” animation_direction__hover_enabled=”center” animation_duration__hover=”1000ms” animation_duration__hover_enabled=”1000ms” animation_delay__hover=”0ms” animation_delay__hover_enabled=”0ms” animation_intensity_slide__hover=”50%” animation_intensity_slide__hover_enabled=”50%” animation_intensity_zoom__hover=”50%” animation_intensity_zoom__hover_enabled=”50%” animation_intensity_flip__hover=”50%” animation_intensity_flip__hover_enabled=”50%” animation_intensity_fold__hover=”50%” animation_intensity_fold__hover_enabled=”50%” animation_intensity_roll__hover=”50%” animation_intensity_roll__hover_enabled=”50%” animation_starting_opacity__hover=”0%” animation_starting_opacity__hover_enabled=”0%” animation_speed_curve__hover=”ease-in-out” animation_speed_curve__hover_enabled=”ease-in-out” column_structure=”2_5,3_5″][et_pb_column type=”2_5″ _builder_version=”3.25″ custom_padding=”200px|||”
- [Category](https://www.cypresscapital.com/et_pb_layout/category/) - [et_pb_section fb_built=”1″ admin_label=”Header” _builder_version=”3.22.3″ use_background_color_gradient=”on” background_color_gradient_start=”rgba(163,177,197,0.78)” background_color_gradient_end=”rgba(163,177,197,0.97)” background_color_gradient_direction=”-45deg” background_color_gradient_overlays_image=”on” background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/Cypress-Capital-Header.png” max_width=”80%” max_width_tablet=”90%” max_width_last_edited=”on|tablet” module_alignment=”right” custom_margin=”||” custom_padding=”10px||0||false|false” locked=”off” template_type=”section” border_radii__hover=”on||||” border_radii__hover_enabled=”on||||” background_repeat__hover=”no-repeat” background_repeat__hover_enabled=”no-repeat”][et_pb_row custom_padding=”5vw|10vw|0|0|false|false” custom_padding_tablet=”|||||false” custom_padding_last_edited=”on|tablet” _builder_version=”3.22.3″ background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/risk-29.png” background_size=”contain” background_position=”bottom_left” box_shadow_style=”preset7″ box_shadow_horizontal=”0px” box_shadow_vertical=”-1px” box_shadow_color=”#ffffff” width=”100%” max_width=”100%” module_alignment=”left” use_custom_width=”on” width_unit=”off” custom_width_percent=”100%”][et_pb_column type=”4_4″ _builder_version=”3.19.8″][et_pb_text _builder_version=”3.22.7″ text_font=”|600|||||||” text_font_size=”13px” text_font_size_tablet=”14px” text_font_size_last_edited=”on|phone” text_line_height=”1.8em” header_font=”|200|||||||” header_font_size=”50px” header_font_size_phone=”42px” header_font_size_last_edited=”on|desktop” header_2_font=”||||||||” header_2_font_size=”40px” background_color=”#193d6f” border_radii=”on|3px|3px|3px|3px”
- [Page Header](https://www.cypresscapital.com/et_pb_layout/page-header-2/) - [et_pb_section fb_built=”1″ admin_label=”Header” _builder_version=”3.22.3″ use_background_color_gradient=”on” background_color_gradient_start=”rgba(163,177,197,0.78)” background_color_gradient_end=”rgba(163,177,197,0.97)” background_color_gradient_direction=”-45deg” background_color_gradient_overlays_image=”on” background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/Cypress-Capital-Header.png” max_width=”80%” max_width_tablet=”90%” max_width_last_edited=”on|tablet” module_alignment=”right” custom_margin=”||” custom_padding=”10px||0||false|false” locked=”off” border_radii__hover=”on||||” border_radii__hover_enabled=”on||||” background_repeat__hover=”no-repeat” background_repeat__hover_enabled=”no-repeat” template_type=”section”][et_pb_row custom_padding=”5vw|10vw|0|0|false|false” custom_padding_tablet=”|||||false” custom_padding_last_edited=”on|tablet” _builder_version=”3.22.3″ background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/risk-29.png” background_size=”contain” background_position=”bottom_left” box_shadow_style=”preset7″ box_shadow_horizontal=”0px” box_shadow_vertical=”-1px” box_shadow_color=”#ffffff” width=”100%” max_width=”100%” module_alignment=”left” use_custom_width=”on” width_unit=”off” custom_width_percent=”100%”][et_pb_column type=”4_4″ _builder_version=”3.19.8″][et_pb_text _builder_version=”3.20.2″ text_font=”|600|||||||” text_font_size=”13px” text_font_size_tablet=”14px” text_font_size_last_edited=”on|phone” text_line_height=”1.8em” header_font=”|200|||||||” header_font_size=”50px” header_font_size_phone=”42px” header_font_size_last_edited=”on|desktop” header_2_font=”||||||||” header_2_font_size=”40px” background_color=”#193d6f” border_radii=”on|3px|3px|3px|3px”
- [Page Header](https://www.cypresscapital.com/et_pb_layout/page-header/) - [et_pb_row custom_padding=”5vw|10vw|0|0|false|false” custom_padding_tablet=”|||||false” custom_padding_last_edited=”on|tablet” _builder_version=”3.22.3″ background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/risk-29.png” background_size=”contain” background_position=”bottom_left” box_shadow_style=”preset7″ box_shadow_horizontal=”0px” box_shadow_vertical=”-1px” box_shadow_color=”#ffffff” width=”100%” max_width=”100%” module_alignment=”left” use_custom_width=”on” width_unit=”off” custom_width_percent=”100%” template_type=”row”][et_pb_column type=”4_4″ _builder_version=”3.19.8″][et_pb_text _builder_version=”3.20.2″ text_font=”|600|||||||” text_font_size=”13px” text_font_size_tablet=”14px” text_font_size_last_edited=”on|phone” text_line_height=”1.8em” header_font=”|200|||||||” header_font_size=”50px” header_font_size_phone=”42px” header_font_size_last_edited=”on|desktop” header_2_font=”||||||||” header_2_font_size=”40px” background_color=”#193d6f” border_radii=”on|3px|3px|3px|3px” box_shadow_style=”preset3″ box_shadow_vertical=”30px” box_shadow_blur=”120px” box_shadow_spread=”-20px” box_shadow_color=”rgba(0,0,0,0.15)” background_layout=”dark” max_width=”85%” max_width_last_edited=”on|desktop” custom_margin=”|||-10vw” custom_margin_tablet=”|||-5vw” custom_margin_last_edited=”on|phone” custom_padding=”20px|24px|10px|24px|false|true” animation_style=”fade” animation_direction=”top” locked=”off” text_font_size__hover=”14px” text_font_size__hover_enabled=”14px” text_letter_spacing__hover=”0px” text_letter_spacing__hover_enabled=”0px” text_line_height__hover=”1.7em”
- [Header](https://www.cypresscapital.com/et_pb_layout/header/) - [et_pb_section fb_built=”1″ admin_label=”Header” _builder_version=”3.20.2″ use_background_color_gradient=”on” background_color_gradient_start=”rgba(163,177,197,0.78)” background_color_gradient_end=”rgba(163,177,197,0.97)” background_color_gradient_direction=”-45deg” background_color_gradient_overlays_image=”on” background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/Cypress-Capital-Header.png” max_width=”80%” max_width_tablet=”90%” max_width_last_edited=”on|tablet” module_alignment=”right” custom_margin=”||” custom_padding=”10px||0||false|false” locked=”off” border_radii__hover=”on||||” border_radii__hover_enabled=”on||||” background_repeat__hover=”no-repeat” background_repeat__hover_enabled=”no-repeat”][et_pb_row use_custom_width=”on” width_unit=”off” custom_width_percent=”100%” custom_padding=”5vw|10vw|0|0|false|false” custom_padding_tablet=”|||||false” custom_padding_last_edited=”on|tablet” _builder_version=”3.20.2″ background_image=”https://www.cypresscapital.com/wp-content/uploads/Media/Images/risk-29.png” background_size=”contain” background_position=”bottom_left” box_shadow_style=”preset7″ box_shadow_horizontal=”0px” box_shadow_vertical=”-1px” box_shadow_color=”#ffffff” module_alignment=”left”][et_pb_column type=”4_4″ _builder_version=”3.19.8″][et_pb_text _builder_version=”3.20.2″ text_font=”|600|||||||” text_font_size=”13px” text_font_size_tablet=”14px” text_font_size_last_edited=”on|phone” text_line_height=”1.8em” header_font=”|200|||||||” header_font_size=”50px” header_font_size_phone=”42px” header_font_size_last_edited=”on|desktop” header_2_font=”||||||||” header_2_font_size=”40px” background_color=”#193d6f” border_radii=”on|3px|3px|3px|3px” box_shadow_style=”preset3″ box_shadow_vertical=”30px” box_shadow_blur=”120px”
- [Factsheets](https://www.cypresscapital.com/et_pb_layout/factsheets/) - [et_pb_section bb_built=”1″ _builder_version=”3.19.17″ parallax_method=”off”][et_pb_row _builder_version=”3.19.17″][et_pb_column type=”4_4″][et_pb_text _builder_version=”3.19.18″ text_font_size=”15px” text_line_height=”2em” header_2_font_size=”40px” header_2_font_size_tablet=”30px” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”on|phone” header_2_line_height=”1.4em” header_4_font=”|700||on|||||” header_4_text_color=”#193d6f” header_4_font_size=”16px” header_4_font_size_phone=”14px” header_4_font_size_last_edited=”on|phone” header_4_letter_spacing=”2px” header_4_line_height=”1.6em” text_orientation=”center” max_width=”600px” module_alignment=”center”] Asset Management Services Investment Portfolios Portfolios are available as separately managed accounts, model delivery or by direct investment through Cypress Capital. [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”3.19.17″][et_pb_column type=”1_3″][et_pb_text _builder_version=”3.19.18″ text_line_height=”1.9em” header_2_font_size_tablet=”30px” header_2_font_size_phone=”22px” header_2_font_size_last_edited=”off|desktop” header_3_font=”|700|||||||” header_3_font_size_tablet=”30px”
- [Joomag](https://www.cypresscapital.com/et_pb_layout/joomag/) - [et_pb_text _builder_version=”3.0.92″ background_layout=”light” saved_tabs=”all” template_type=”module”] [joomag width=900 height=587 title=market-commentary magazineId=M0776385001512141083 pageNumber=1 theme=293042,151b26,ffffff,ffe358,ffffff ] [/et_pb_text]
- [Divi Builder Demo](https://www.cypresscapital.com/et_pb_layout/divi-builder-demo/) - [et_pb_section fullwidth=”on” background_color=”#1f0030″][et_pb_fullwidth_header title=”Divi Builder” background_layout=”dark” text_orientation=”center” scroll_down_icon_color=”#ffffff” scroll_down_icon_size=”36px” content_font_color=”rgba(255,255,255,0.85)” max_width=”700px” button_one_text=”Join Now” button_one_url=”Join today” background_overlay_color=”rgba(40,40,48,0.8)” title_font=”Old Standard TT|on||on|” title_font_size=”62px” title_font_size_phone=”48px” title_font_size_last_edited=”on|phone” content_font=”Raleway||||” content_font_size=”20px” custom_button_one=”on” button_one_text_size=”16px” button_one_text_color=”#ffffff” button_one_bg_color=”#e85929″ button_one_border_width=”0px” button_one_border_radius=”2px” button_one_letter_spacing=”3px” button_one_font=”Raleway|on||on|” button_one_use_icon=”off” button_one_bg_color_hover=”rgba(232,89,41,0.85)” button_one_letter_spacing_hover=”2px” custom_css_main_element=”padding: 6% 0 12% 0;” custom_css_header_container=”width: 100%;” custom_css_button_1=”margin-top: 40px;” background_image=”https://cdn.elegantthemes.com/images/tour/hummus2.jpg” header_fullscreen=”off” header_scroll_down=”off” image_orientation=”center” content_orientation=”center” button_one_icon_placement=”right” custom_button_two=”off” button_two_letter_spacing=”0″ button_two_icon_placement=”right” button_two_letter_spacing_hover=”0″]Divi 3.0
- [Homepage Basic](https://www.cypresscapital.com/et_pb_layout/homepage-basic-2/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_featured_posts_slider admin_label=”Featured Posts Slider” category_id=”0″ display_featured_posts_only=”on” orderby=”comment_count” order=”desc” enable_autoplay=”1″ show_thumbnails=”1″ show_author=”1″ show_categories=”1″ show_comments=”1″ show_rating=”1″ show_date=”1″ /][et_pb_posts_blog_feed_masonry admin_label=”Blog Feed Masonry” show_pagination=”1″ show_author=”1″ show_categories=”1″ show_featured_image=”1″ content_length=”excerpt” show_date=”1″ category_id=”0″ heading_style=”category” orderby=”date” order=”desc” show_comments=”1″ show_rating=”1″ /][/et_pb_column][/et_pb_row][/et_pb_section]
- [Standard Blog Homepage](https://www.cypresscapital.com/et_pb_layout/standard-blog-homepage/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_featured_posts_slider admin_label=”Featured Posts Slider” display_featured_posts_only=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” enable_autoplay=”off” orderby=”date” order=”desc” remove_drop_shadow=”off”] [/et_pb_featured_posts_slider][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”1_2″][et_pb_posts admin_label=”Posts” display_featured_posts_only=”off” show_thumbnails=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” heading_style=”category” orderby=”comment_count” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” remove_drop_shadow=”off”] [/et_pb_posts][/et_pb_column][et_pb_column type=”1_2″][et_pb_posts admin_label=”Posts” display_featured_posts_only=”off” show_thumbnails=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” heading_style=”category” orderby=”rating” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” remove_drop_shadow=”off”] [/et_pb_posts][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_posts_blog_feed_standard
- [Masonry Blog Homepage](https://www.cypresscapital.com/et_pb_layout/masonry-blog-homepage/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_featured_posts_slider admin_label=”Featured Posts Slider” display_featured_posts_only=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” enable_autoplay=”off” orderby=”date” order=”desc” remove_drop_shadow=”off”] [/et_pb_featured_posts_slider][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”1_3″][et_pb_posts admin_label=”Posts” display_featured_posts_only=”off” show_thumbnails=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” heading_style=”category” orderby=”comment_count” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” remove_drop_shadow=”off”] [/et_pb_posts][/et_pb_column][et_pb_column type=”1_3″][et_pb_posts admin_label=”Posts” display_featured_posts_only=”off” show_thumbnails=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” heading_style=”category” orderby=”rating” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” remove_drop_shadow=”off”] [/et_pb_posts][/et_pb_column][et_pb_column type=”1_3″][et_pb_posts admin_label=”Posts”
- [Magazine Homepage](https://www.cypresscapital.com/et_pb_layout/magazine-homepage/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_featured_posts_slider admin_label=”Featured Posts Slider” category_id=”0″ display_featured_posts_only=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” enable_autoplay=”off” orderby=”date” order=”desc” remove_drop_shadow=”off”] [/et_pb_featured_posts_slider][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”1_2″][et_pb_posts admin_label=”Posts” category_id=”0″ posts_per_page=”4″ display_featured_posts_only=”off” show_thumbnails=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” heading_style=”category” orderby=”comment_count” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” remove_drop_shadow=”off” /][/et_pb_column][et_pb_column type=”1_2″][et_pb_posts admin_label=”Posts” category_id=”0″ posts_per_page=”4″ display_featured_posts_only=”off” show_thumbnails=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” heading_style=”category” orderby=”date” order=”desc” use_border_color=”off” border_color=”#ffffff”
- [Standard Blog Category](https://www.cypresscapital.com/et_pb_layout/standard-blog-category/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_posts_blog_feed_standard admin_label=”Blog Feed Standard” show_pagination=”on” show_author=”on” show_categories=”on” show_featured_image=”on” show_more=”on” show_date=”on” display_featured_posts_only=”off” show_comments=”on” show_rating=”on” content_length=”excerpt” heading_style=”category” orderby=”date” order=”desc” custom_read_more=”off” read_more_text_size=”20″ read_more_border_width=”2″ read_more_border_radius=”3″ read_more_letter_spacing=”0″ read_more_use_icon=”default” read_more_icon_placement=”right” read_more_on_hover=”on” read_more_border_radius_hover=”3″ read_more_letter_spacing_hover=”0″ remove_drop_shadow=”off” posts_per_page=”8″] [/et_pb_posts_blog_feed_standard][/et_pb_column][/et_pb_row][/et_pb_section]
- [Masonry Blog Category](https://www.cypresscapital.com/et_pb_layout/masonry-blog-category/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_posts_blog_feed_masonry admin_label=”Blog Feed Masonry” show_pagination=”on” show_author=”on” show_categories=”on” show_featured_image=”on” show_more=”on” show_date=”on” display_featured_posts_only=”off” show_comments=”on” show_rating=”on” content_length=”excerpt” heading_style=”category” orderby=”date” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_read_more=”off” read_more_text_size=”20″ read_more_border_width=”2″ read_more_border_radius=”3″ read_more_letter_spacing=”0″ read_more_use_icon=”default” read_more_icon_placement=”right” read_more_on_hover=”on” read_more_border_radius_hover=”3″ read_more_letter_spacing_hover=”0″ remove_drop_shadow=”off” posts_per_page=”10″] [/et_pb_posts_blog_feed_masonry][/et_pb_column][/et_pb_row][/et_pb_section]
- [Standard Blog Category With Featured Posts](https://www.cypresscapital.com/et_pb_layout/standard-blog-category-with-featured-posts/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_featured_posts_slider admin_label=”Featured Posts Slider” display_featured_posts_only=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” enable_autoplay=”off” orderby=”date” order=”desc” remove_drop_shadow=”off”] [/et_pb_featured_posts_slider][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_posts_blog_feed_standard admin_label=”Blog Feed Standard” show_pagination=”on” show_author=”on” show_categories=”on” show_featured_image=”on” show_more=”on” show_date=”on” display_featured_posts_only=”off” show_comments=”on” show_rating=”on” content_length=”excerpt” heading_style=”category” orderby=”date” order=”desc” custom_read_more=”off” read_more_text_size=”20″ read_more_border_width=”2″ read_more_border_radius=”3″ read_more_letter_spacing=”0″ read_more_use_icon=”default” read_more_icon_placement=”right” read_more_on_hover=”on” read_more_border_radius_hover=”3″ read_more_letter_spacing_hover=”0″ remove_drop_shadow=”off” posts_per_page=”6″] [/et_pb_posts_blog_feed_standard][/et_pb_column][/et_pb_row][/et_pb_section]
- [Masonry Blog Category With Featured Posts](https://www.cypresscapital.com/et_pb_layout/masonry-blog-category-with-featured-posts/) - [et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_featured_posts_slider admin_label=”Featured Posts Slider” display_featured_posts_only=”on” show_author=”on” show_categories=”on” show_comments=”on” show_rating=”on” show_date=”on” enable_autoplay=”off” orderby=”date” order=”desc” remove_drop_shadow=”off”] [/et_pb_featured_posts_slider][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_posts_blog_feed_masonry admin_label=”Blog Feed Masonry” show_pagination=”on” show_author=”on” show_categories=”on” show_featured_image=”on” show_more=”on” show_date=”on” display_featured_posts_only=”off” show_comments=”on” show_rating=”on” content_length=”excerpt” heading_style=”category” orderby=”date” order=”desc” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_read_more=”off” read_more_text_size=”20″ read_more_border_width=”2″ read_more_border_radius=”3″ read_more_letter_spacing=”0″ read_more_use_icon=”default” read_more_icon_placement=”right” read_more_on_hover=”on” read_more_border_radius_hover=”3″ read_more_letter_spacing_hover=”0″ remove_drop_shadow=”off” posts_per_page=”6″] [/et_pb_posts_blog_feed_masonry][/et_pb_column][/et_pb_row][/et_pb_section]

## Projects

- [Bond Momentum](https://www.cypresscapital.com/project/bond-momentum/) - [et_pb_section fb_built=”1″ _builder_version=”3.0.47″][et_pb_row _builder_version=”3.0.92″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_gallery gallery_ids=”841,840,839,837,836,835″ posts_number=”10″ _builder_version=”3.0.92″ pagination_font_size_tablet=”51″ pagination_line_height_tablet=”2″ gallery_captions=”30Yr Treasury Momentum,,,,,” custom_margin=”0px|0px|0px|0px” custom_padding=”0px|0px|0px|0px” box_shadow_style_image=”preset3″ pagination_font=”||||||||” animation_style=”fade”][/et_pb_gallery][/et_pb_column][/et_pb_row][/et_pb_section]
- [Psychology](https://www.cypresscapital.com/project/psychology/) - [et_pb_section fb_built=”1″ _builder_version=”3.0.47″][et_pb_row _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_gallery posts_number=”12″ _builder_version=”3.0.92″ pagination_font_size_tablet=”51″ pagination_line_height_tablet=”2″ gallery_ids=”753,731,750,749,748,747,746,745,744,743,742,752,740,739,738,737,736,735,734,733,732,741″ gallery_captions=”,,,,,,,,,,,,,,,,,,,,,”][/et_pb_gallery][/et_pb_column][/et_pb_row][/et_pb_section]
- [Monetary Indicators](https://www.cypresscapital.com/project/monetary-indicators/) - [et_pb_section bb_built=”1″][et_pb_row][et_pb_column type=”4_4″][et_pb_gallery _builder_version=”3.0.92″ posts_number=”12″ show_title_and_caption=”on” show_pagination=”on” fullwidth=”off” orientation=”landscape” zoom_icon_color=”#193d6f” hover_overlay_color=”rgba(255,255,255,0.9)” background_layout=”light” pagination_font_size_tablet=”51″ pagination_line_height_tablet=”2″ /][/et_pb_column][/et_pb_row][/et_pb_section]
- [Market Breadth](https://www.cypresscapital.com/project/market-breadth/) - [et_pb_section fb_built=”1″ _builder_version=”3.0.47″][et_pb_row _builder_version=”3.0.92″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_gallery posts_number=”12″ _builder_version=”3.0.92″ pagination_font_size_tablet=”51″ pagination_line_height_tablet=”2″ gallery_ids=”796,775,794,793,792,789,790,795,788,787,782,784,791,783,786,781,780,779,778,777,776,785″ gallery_captions=”,,,,,,,,,,,,,,,,,,,,,”][/et_pb_gallery][/et_pb_column][/et_pb_row][/et_pb_section]
- [Commodities](https://www.cypresscapital.com/project/commodities/) - [et_pb_section bb_built=”1″][et_pb_row][et_pb_column type=”4_4″][et_pb_gallery _builder_version=”3.0.92″ posts_number=”12″ show_title_and_caption=”on” show_pagination=”on” fullwidth=”off” orientation=”landscape” zoom_icon_color=”#193d6f” hover_overlay_color=”rgba(255,255,255,0.9)” background_layout=”light” pagination_font_size_tablet=”51″ pagination_line_height_tablet=”2″ gallery_ids=”805,803,802,801,800,799,798,804″ /][/et_pb_column][/et_pb_row][/et_pb_section]

## Categories

- [Market Outlook](https://www.cypresscapital.com/category/outlook/)
- [World Wrap](https://www.cypresscapital.com/category/worldwrap/)
- [Research](https://www.cypresscapital.com/category/research/)
- [Blog](https://www.cypresscapital.com/category/blog/)
- [Chartbooks](https://www.cypresscapital.com/category/chartbooks/)

## Categories

- [Header](https://www.cypresscapital.com/layout_category/header/)
- [Reusable Sections](https://www.cypresscapital.com/layout_category/reusable-sections/)
- [Posts](https://www.cypresscapital.com/layout_category/posts/)
- [Pages](https://www.cypresscapital.com/layout_category/pages/)

## Type

- [module](https://www.cypresscapital.com/layout_type/module/)
- [layout](https://www.cypresscapital.com/layout_type/layout/)
- [row](https://www.cypresscapital.com/layout_type/row/)
- [section](https://www.cypresscapital.com/layout_type/section/)

## Module Width

- [regular](https://www.cypresscapital.com/module_width/regular/)

## Scope

- [not_global](https://www.cypresscapital.com/scope/not_global/)

## Project Categories

- [Market Breadth](https://www.cypresscapital.com/project_category/market-breadth/)
- [Psychology](https://www.cypresscapital.com/project_category/psychology/)
- [Monetary](https://www.cypresscapital.com/project_category/monetary/)
- [Commodities](https://www.cypresscapital.com/project_category/commodities/)
- [Bond Momentum](https://www.cypresscapital.com/project_category/bond-momentum/)