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Expect Continued Market Churn; Harry Schein May Shine

What a business investing is! When markets are down, they get gloomy but when markets rally strongly--as they have over the past few months—they fret that a major correction is pending. My first reaction to this perpetual unease with the equity market rally is that it is consistent with the proverbial wall of worry that underpins most market cycles. And this reinforces my view that stocks should trend higher through 2020 into 2021. Secondly, there actually are technical reasons to be cautious but it is a tactical, not a long-term concern.

Despite the daily headlines noise, the intermediate-term backdrop has not materially changed and remains an important timeframe to filter much of the short-term chatter. Weekly momentum indicators, which track the rate of change of markets over 1-2 quarters time frame, have been turning negative over the past three to five weeks.

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