Chart of the Month

2023
January Fed Funds Rate	July Stock Market Rotation
February Lower Lows or Higher Highs?	August 5% Pullbacks Occur 3-4 Times Per Year
March Depositors Flee Banks to Money Market Funds	September Summer of Consolidation
April The Debt Ceiling	October Social Security Plus Income and Estate Tax Changes
May The Ever-Expanding Deficits and Debt	November The 25 Largest Stocks 10 Years Ago vs. Today
June First-Half Review and Second-Half Preview	December Article Text

2022
January Annual Returns and Intra-Year Declines	July Commodities, Stocks, and Bonds Reverse Course in Mid-June
February The Patient Investor	August Employment Has Fully Recovered
March Russia Invades Ukraine	September Social Security Benefits
April How the S&P 500 Performs in Fed Rate-Hike Cycles	October The Federal Reserve
May Normalizing the Ups and Downs of the Market	November The Outlook for 2023
June Stocks and Bonds Worst First Half in 50 Years	December Santa Claus Rally

Previous Years

2021
January Signs of Stock Market Froth	July The Trend is Your Friend
February Caution – Asset Bubble Ahead	August Fastest Bull Market to Double Since WWII
March Client Portal	September S&P 500 Sets Record for All-Time Highs Through August
April Big Week Ahead	October Stock Dividends
May Hotter-Than-Expected Inflation	November Bonds 101
June Housing Overvalued But Headed Even Higher	December The Fed Pivots

2020
January S&P 500 and Re-Election Years	July The Fed Isn’t Even Thinking About Thinking About Thinking About Raising Interest Rates
February The Coronavirus and Past Epidemics	August The Big Apple
March Update on the Coronavirus and the MarketsSpecial March Investment Advisory	September Lower for Longer
April On the Road to Recovery	October A Year Unlike Any Other
May Largest 40-Day Gains in the S&P Since 1950	November The Stock Market Likes a Split Congress
June Main Street vs. Wall Street	December End-of-Year Rally is Bullish

2019

January

Signs of a Market Bottom

July
Fed Funds Rate – Reversal of Misfortune

February

Longest Weekly Winning Streak Since 1995

August

Positives and Negatives of Government Bond Yields

March

Longest Bull Markets and Economic Expansions Since World War II

September

S&P 500 Yields More Than All Treasury Bonds

April

GDP and LEI Point to Further Economic Growth

October

Housing Starts Hit 12-Year High

May

No Misery in the Misery Index

November

Don’t Fight the Fed

June

75th Anniversary of D-Day

December

S&P 500 and Recessions

2018
January Strong Start to New Year	July Fixed-Income Strategy
February Market’s Emotional Roller Coaster	August Strong Earnings, Strong Stock Market
March Inflation and Price-Earnings Multiples	September The Real Fed Funds Rate and Recessions
April Leading Economic Index Points to Robust Growth	October Stock Market Volatility Returns
May 10-Year Annualized Rolling Returns	November Bull Market Corrections
June Household Wealth Tops $100 Trillion	December Maintaining Perspective

2017
January Small Business and Consumer Optimism	July Fourth-Longest Streak Without a 5% Correction
February S&P 500 Price vs. EPS	August Longest Economic Expansions in History
March The Federal Reserve’s Balance Sheet	September Housing Prices Exceed Previous Peak
April Government Shutdowns	October Second-Longest Bull Market Since WWII
May Seasonal Trading Patterns	November Historical Yield Curve Averages and Recessions
June The Fed Weighs in on the Stock Market	December A Record-Setting Year

2016
January The Worst 10-Day Start Ever	July Cruising to New Highs
February Global Stock Markets	August Presidential Election Cycles
March Strong and Improving Household Finances	September Unemployment Rate and Wage Growth
April Record Low Ownership of Stocks and Homes	October Stock Market Valuation
May 10-Year U.S. Treasury Yield	November Corporate Income Tax Rates
June Treasury Yield Spreads as a Forecasting Tool	December Dow Closes In On 20,000

2015
January Apple’s Record Results	July Narrowest Trading Range Ever
February Recoveries and Expansions	August Real GDP Growth
March The Rule of 72	September Stock Market Corrections
April Distribution of Federal Income Taxes	October Correlation Between Stocks and Earnings
May Historical Impacts of Rate Increases	November Link Between Stocks and GDP
June Bull Markets and Economic Expansions	December The Force Awakens

2014
January Stay Long	July Upward and Onward
February Consumer Confidence	August Rolling 10-Year Returns
March Out of Africa	September Fed Funds Rates
April Leading Economic Indicators	October Channel Surfing
May Fed Tightening	November Mid-Term Elections
June Inflation & Unemployment	December Oil Prices

2013
January The Next Leg	July Treasury Spreads
February The 16th Amendment	August Misery Index
March Higher Highs, Higher Lows	September Monthly Returns
April Stocks vs. Gold	October Corporate Profits
May Government Finances	November Earnings Yield
June Central Bank Assets	December Stealth Bull Market

2012
January Apple’s Growing Cash	July The Big Four
February Real Estate	August Stock Swaps
March S&P 500 vs. Gold	September S&P and QE
April The “Buffett Rule”	October Presidential Election
May Dividend Aristocrats	November Tax Rates
June Dividend Strategy	December Fiscal Drag

2011
January Employment Report	July Budget Deficit
February S&P 500 P/E & EPS	August Square Root Economy
March U.S. Treasury Yields	September Buy Low, Sell High
April Stocks and Bonds	October Best Months Ever
May Goldilocks Economy	November Rolling 10-Year Returns
June The Case for Apple	December Contrarian Indicators