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Macro Research

Latest Updates

Earnings Daily

Fri, November 28, 2025 | 6:30AM ET

FS Insight 3Q25 Daily Earnings (EPS) Update – 11/28/2025

Daily Technical Strategy

Wed, November 26, 2025 | 6:45PM ET

Russell 3k breadth data has shown excellent progress this week

First to Market

Wed, November 26, 2025 | 8:09AM ET

What Does Google’s Advance Mean For Nvidia And The AI Trade?

Earnings Daily

Wed, November 26, 2025 | 6:30AM ET

FS Insight 3Q25 Daily Earnings (EPS) Update – 11/26/2025

Macro Minute Video

Tue, November 25, 2025 | 7:43PM ET

Video: Macro Minute: We continue to expect stocks to rally into YE. Equity markets like the potential of a dovish new Fed Chair

Your Weekly Roadmap

Fri, November 28, 2025 | 3:01PM ET

Stocks Surge Out of "November Chop"

First Word

Thu, November 6, 2025 | 4:59PM ET

MARKETING DECK: Supercycles intact. Wall of worries growing. Risk/reward positive.

NOVEMBER: FUNDAMENTALS REMAIN INTACT = UP NOVEMBERSTOCKS UP 6 MONTHS IN A ROW = NOV UP3Q25 EPS: MARGINS EXPANDING = POSITIVEFUND MANAGER CHASEWALL OF WORRY:(I)...

Fri, October 31, 2025 | 7:50AM ET

- Some understandable "chop" ahead to digest +2% October gains. But we see multiple reasons for S&P 500 to gain in November.

Thu, October 30, 2025 | 6:00AM ET

- Key takeaway Fed presser: inflation close to target but jobs is weak = dovish. Trump-Xi meeting is "12" on a scale of 1 to 10 = positive for stocks.

Wed, October 22, 2025 | 7:50AM ET

- Heavy week for 3Q25 EPS earnings. Polymarket shows expectations rising for "softer" Sept CPI reading.

Macro Minute Video

Tue, November 25, 2025 | 7:43PM ET

Video: Macro Minute: We continue to expect stocks to rally into YE. Equity markets like the potential of a dovish new Fed Chair

Video_: _Equity markets continued to climb higher, after the grinding selloff since the Oct highs. In our view, the rally into YE remains intact. Please...

Mon, November 24, 2025 | 5:49PM ET

- Video: Macro Minute: 5 reasons we still expect a YE S&P 500 rally to 7,000-7,300

Fri, November 21, 2025 | 12:41AM ET

- Video: Macro Minute: 5 things that likely 'spooked' the market today triggering that ugly reversal

Thu, November 20, 2025 | 1:41AM ET

- Video: Macro Minute: $NVDA results beat and major relief for investors = expect positive follow through for equities

Outlooks

Wed, December 11, 2024 | 7:50AM ET

2025 OUTLOOK (Lee): Two “puts” make a right - After 20% back-to-back, Mid-year 7,000, Year-end 6,600

PLEASE JOIN US TODAY AT 1PM ET FOR OUR 2025 YEAR AHEAD OUTLOOK. Register HERE. Please click below to view our Macro Minute (duration: 5:29). https://vimeo. com/1038001660/7ba01aaa43?...

Thu, December 7, 2023 | 7:50AM ET

- 2024 Year Ahead: Inflation down plus higher demand = P/E expansion.

Technical Strategy

Daily Technical Strategy

Wed, November 26, 2025 | 6:45PM ET

Russell 3k breadth data has shown excellent progress this week

THE NEAR-TERM TREND FOR US EQUITIES HAS TURNED BACK TO POSITIVE, GIVEN THAT BOTH SPX AND QQQ HAVE CONVINCINGLY PUSHED BACK OVER LAST THURSDAY’S HIGHS. ...

Tue, November 25, 2025 | 6:07PM ET

- Transportation stocks and Homebuilders making progress

Mon, November 24, 2025 | 7:07PM ET

- Medical Device names now breaking out to join Biotechnology

Fri, November 21, 2025 | 7:43PM ET

- Insurance stocks and Homebuilders both have appeal in the weeks ahead

Technical Outlooks

Tue, January 7, 2025 | 9:17AM ET

2025 Technical Outlook: A more Subdued year but still likely positive

REMINDER: My 2025 Technical Outlook is today (1/7) at 2:00 PM Est. Additionally, please find my Outlook Deck attached HERE. CONCLUSIONS-SPX END OF YEAR TARGET...

Thu, December 14, 2023 | 10:24AM ET

- 2024 Technical Outlook: Broad-based rally back to new all-time highs likely in 2024

Mon, July 3, 2023 | 4:00PM ET

- 2H2023 Technical Outlook

Tue, January 24, 2023 | 5:55PM ET

- 2023 Technical Outlook: Bear Market Lows Likely in Place

Your Weekly Roadmap

Fri, November 28, 2025 | 3:01PM ET

Stocks Surge Out of "November Chop"

Good evening, We hope our U.S. readers had a happy Thanksgiving. Trading for the month of November has now concluded, and in our view, the...

Fri, November 21, 2025 | 5:51PM ET

- Stock Losses Accelerated Despite Nvidia’s Standout Earnings

Fri, November 14, 2025 | 5:33PM ET

- Stocks Seek Backstop During "November Chop"

Fri, November 7, 2025 | 5:10PM ET

- Stocks Turn Negative to Start November

First to Market

Wed, November 26, 2025 | 8:09AM ET

What Does Google’s Advance Mean For Nvidia And The AI Trade?

CHART OF THE DAY GOOD MORNING! Google’s on a roll worthy of envy. But as its update to Gemini reshuffles the AI leaderboard, investors remain...

Tue, November 25, 2025 | 9:12AM ET

- The Key Retail Earnings Reports To Look For This Week

Mon, November 24, 2025 | 7:46AM ET

- Forget the Trump and Fed Put. How About the Nvidia Put?

Fri, November 21, 2025 | 9:06AM ET

- Who Benefits From The K-Shaped Economy

Signal From Noise

Sat, November 22, 2025 | 10:22AM ET

Nvidia’s Faltering Make You Nervous? These AI Plays Can Fill The Gap.

You know the big semiconductor names: Nvidia, AMD, Intel, Qualcomm, Samsung. These are the fabless chip companies leading the charge into the age of AI...

Sat, November 8, 2025 | 9:34AM ET

- AI is Already Rearranging The Winners And Losers. Here’s Who Might Lead The Next Leg of The Revolution.

Sat, October 25, 2025 | 10:00AM ET

- A Chip on Every Shoulder: The Race to Onshore Fabrication

Sat, October 11, 2025 | 10:01AM ET

- Are We On An AI Merry-Go-Round? Here’s My Take.

US Policy

US Policy

Mon, November 24, 2025 | 10:29AM ET

Slow Holiday Week in Washington

With Congress out and President Trump heading to Mar-a-Lago for Thanksgiving, it is expected to be a slow week in Washington. That comes after a...

Fri, November 21, 2025 | 1:09PM ET

- Epstein and Budgets

Mon, November 17, 2025 | 11:02AM ET

- Shutdown Ends, Fed Minutes on Wednesday

Fri, November 14, 2025 | 12:59PM ET

- Shutdown Over, Focus on New Continuing Resolution

Fed Watch

Fed Watch

Wed, October 29, 2025 | 9:07PM ET

A Not-So-Foregone Conclusion: The Fed Cuts, but December in Limbo

The Federal Reserve lowered its benchmark interest rate by a quarter of a percentage point on Wednesday afternoon, bringing the target range to 3.75 to...

Wed, September 17, 2025 | 7:33PM ET

- The Summer I Cut Rates

Wed, July 30, 2025 | 7:55PM ET

- The Great Rate Debate

Wed, June 18, 2025 | 8:16PM ET

- Dual Mandate Duel

Earnings Daily

Fri, November 28, 2025 | 6:30AM ET

- FS Insight 3Q25 Daily Earnings (EPS) Update – 11/24/2025

Macro Videos

Macro Minute Video

Tue, October 8, 2024 | 8:28PM ET

Video: Macro Minute: HBO documentary (airing tonight) claims to identify Satoshi. Still a "whipsaw" market but we expect investors to buy the dip, with 3Q24 EPS around the corner.

VIDEO: Be sure to tune into the HBO documentary Digital Money tonight at 9pm ET, where HBO claims to reveal the identity of Satoshi Nakamoto,...

Sun, August 18, 2024 | 7:52PM ET

- Video: Macro Minute: Fed Chair remarks at Jackson Hole likely to solidify that 8/5 was summer low.

Sun, August 11, 2024 | 7:43PM ET

- Video: Macro Minute: We are watching 3 things this week. At top of list is Middle East conflict.

Sun, July 28, 2024 | 10:04PM ET

Members Area

Macro Research

Latest Updates

FS Insight 3Q25 Daily Earnings (EPS) Update – 11/28/2025

Russell 3k breadth data has shown excellent progress this week

What Does Google’s Advance Mean For Nvidia And The AI Trade?

FS Insight 3Q25 Daily Earnings (EPS) Update – 11/26/2025

Video: Macro Minute: We continue to expect stocks to rally into YE. Equity markets like the potential of a dovish new Fed Chair

Stocks Surge Out of "November Chop"

First Word

MARKETING DECK: Supercycles intact. Wall of worries growing. Risk/reward positive.

- Some understandable "chop" ahead to digest +2% October gains. But we see multiple reasons for S&P 500 to gain in November.

- Key takeaway Fed presser: inflation close to target but jobs is weak = dovish. Trump-Xi meeting is "12" on a scale of 1 to 10 = positive for stocks.

- Heavy week for 3Q25 EPS earnings. Polymarket shows expectations rising for "softer" Sept CPI reading.

Macro Minute Video

Video: Macro Minute: We continue to expect stocks to rally into YE. Equity markets like the potential of a dovish new Fed Chair

- Video: Macro Minute: 5 reasons we still expect a YE S&P 500 rally to 7,000-7,300

- Video: Macro Minute: 5 things that likely 'spooked' the market today triggering that ugly reversal

- Video: Macro Minute: $NVDA results beat and major relief for investors = expect positive follow through for equities

Outlooks

2025 OUTLOOK (Lee): Two “puts” make a right - After 20% back-to-back, Mid-year 7,000, Year-end 6,600

- 2024 Year Ahead: Inflation down plus higher demand = P/E expansion.

Technical Strategy

Russell 3k breadth data has shown excellent progress this week

- Transportation stocks and Homebuilders making progress

- Medical Device names now breaking out to join Biotechnology

- Insurance stocks and Homebuilders both have appeal in the weeks ahead

Technical Outlooks

2025 Technical Outlook: A more Subdued year but still likely positive

- 2024 Technical Outlook: Broad-based rally back to new all-time highs likely in 2024

- 2H2023 Technical Outlook

- 2023 Technical Outlook: Bear Market Lows Likely in Place

Your Weekly Roadmap

Stocks Surge Out of "November Chop"

- Stock Losses Accelerated Despite Nvidia’s Standout Earnings

- Stocks Seek Backstop During "November Chop"

- Stocks Turn Negative to Start November

First to Market

What Does Google’s Advance Mean For Nvidia And The AI Trade?

- The Key Retail Earnings Reports To Look For This Week

- Forget the Trump and Fed Put. How About the Nvidia Put?

- Who Benefits From The K-Shaped Economy

Signal From Noise

Nvidia’s Faltering Make You Nervous? These AI Plays Can Fill The Gap.

- AI is Already Rearranging The Winners And Losers. Here’s Who Might Lead The Next Leg of The Revolution.

- A Chip on Every Shoulder: The Race to Onshore Fabrication

- Are We On An AI Merry-Go-Round? Here’s My Take.

US Policy

Slow Holiday Week in Washington

- Epstein and Budgets

- Shutdown Ends, Fed Minutes on Wednesday

- Shutdown Over, Focus on New Continuing Resolution

Fed Watch

A Not-So-Foregone Conclusion: The Fed Cuts, but December in Limbo

- The Summer I Cut Rates

- The Great Rate Debate

- Dual Mandate Duel

Earnings Daily

FS Insight 3Q25 Daily Earnings (EPS) Update – 11/28/2025

- FS Insight 3Q25 Daily Earnings (EPS) Update – 11/26/2025

- FS Insight 3Q25 Daily Earnings (EPS) Update – 11/25/2025

- FS Insight 3Q25 Daily Earnings (EPS) Update – 11/24/2025

Macro Videos

Video: Macro Minute: HBO documentary (airing tonight) claims to identify Satoshi. Still a "whipsaw" market but we expect investors to buy the dip, with 3Q24 EPS around the corner.

- Video: Macro Minute: Fed Chair remarks at Jackson Hole likely to solidify that 8/5 was summer low.

- Video: Macro Minute: We are watching 3 things this week. At top of list is Middle East conflict.

- Video: Macro Minute: Post-FOMC press conf (2:30pm), equities rallied 5D last 5 of 6 instances. Small-cap remains most compelling.