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Another Record in S&P 500
The S&P 500 (SPX) continues its move higher, finishing the day at 2430. The index is now up about 8.5 percent in 2017.
Forward EPS have been rising helping to bring forward PE multiples on both operating and as reported PEs lower. The forward PE on the S&P 500 is currently 17, and 16 on an operating basis.
S&P 500 P/E Ratio Forward Estimate data by YCharts
The current SPY ETF Dividend Yield compared to the 10-year (TLT) yield suggest equities are still relatively cheap compared to the 10-year.
SPY Dividend Yield (TTM) data by YCharts
Biotech Coming Back?
Biotechs (IBB, XBI) also so showed cohttps://seekingalpha.com/symbol/IBB?s=ibbnsiderable strength today and a nice turn after taking a beating lately.  With a nice reverse head-and-shoulder formation on the intra-day charts. Unlock Deeper Insights with Exclusive Member-Only Video Content on The Market Chronicles YouTube Channel – Just $34.99/Month
It will be important to watch for follow through in the sector in the coming days. This sector has been missing from the market for the past 2 years. It will important if the sector comes back to life.
Till tomorrow.
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Biotech Bounce- Higher It Goes?
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DisclaimerÂ
Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendation made during the past twelve months. Past performance is not indicative of future performance.
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Charts used with the permission of Bloomberg Finance L.P. This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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