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Monthly Commentary: May 2020

What happened:

  • The overall market continued to defy “common sense”, economic data and public sentiment, as it continued to climb ending the month with the S&P up 4% for the month of May, breaking through the 200 and 300 day simple moving averages without issue. The S&P was -6% for the 2020 through the end of May.
  • So what exactly is driving this higher? In our view, the massive QE injection by the Fed, of $4 billion up front and $400 million per week is force behind this market.

What we did:

  • Our indicators again showed steadiness in this market and we essentially “got back in where we got out” for our aggressive and equity allocation clients.
  • The holdings in the Core Equity model remained KWEB, GOVT and TOTL, with the addition of the IVV in the last week of May.

What we are watching:

  • There is little resistance ahead of this market, on the technical side, until we reach the 3,200’s on the S&P 500.
  • Naturally, we are closely monitoring the reopening of businesses and a sudden increase in COVID-19 cases could derail this recovery.
  • We remain poised to react quickly if the market does in fact correct again, while remaining consistent to the science in our Core Equity model.

Our article may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this publication.

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