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Financial Fitness & Life Planning

Stock Market Report - July 2017

The stock market reacted favorably in July to strong second quarter earnings.  Despite this earnings picture and the positive effects of low interest rates, my outlook remains cautious and conservative primarily because of elevated valuations (both on a bottom-up basis and using various reliable broader measures such as cyclically adjusted price earnings, price/revenue, and market capitalization/gross domestic product).  I am also worried about Fed tightening, narrow leadership, performance dispersion, and especially complacency, as the volatility index recently was the lowest in its history. 

My long-term outlook for the stocks that I hold, however, is positive regardless of overall market conditions.  Of the three stocks that were discussed last month, Cisco remains similarly priced (the other two stocks that were referenced, Intel and Walmart, both bounced back impressively, as expected). 


~~Michael Berlin can be contacted at and at (631) 629-4928 .

The information included in this article is not intended to be used as a basis for making investment decisions nor should it be constructed as a recommendation to buy or sell any specific security. Consult your investment professional for additional information and guidance.


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