Wells Fargo (WFC)

EARNINGS SEASON KICKS OFF

Major US stock market averages opened mixed this morning. The Dow is currently 28 pts and the SPX is down .2%. The Nasdaq is also down .2%. Industrials (especially transports) and materials sector stocks are rallying. On the other hand, utilities and real estate are down on a bump in interest rates. Commodities are mixed; gold and iron ore are down, but oil continues to recover. WTI crude oil is hovering around $60/barrel. It was trading down around $51/barrel one month ago. Bonds are selling off a bit today on rising interest rates. It seems like the better-than-expected jobs report back on July 5th marked a turnaround in rates. The 10-year Treasury yield has risen to 2.13% from 1.95% since then.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

EARNINGS SEASON KICKOFF

The major stock market averages gapped up at the open. The Dow is currently up 200 pts and the SPX is up .4%. The financial sector surged 1.5% on better than expected quarterly results by Wells Fargo (WFC) and JP Morgan (JPM), which kicked off earnings season today. Most other sectors are also trading higher, except real estate and healthcare. Commodities are mixed—oil is moving higher but copper and iron are in the red. Gold is flat today, and so far this year. WTI crude is back up over $64/barrel. Chevron (CVX) announced a deal to acquire Anadarko (APC), and investors are wondering if this is the beginning of a wave of consolidation in the industry. Bonds are trading mostly lower as yields tick higher. The 10-year Treasury yield is back up around 2.54%. If earnings season proves better than Wall Street is forecasting, you can bet interest rates & bond yields will move higher.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

SHUTDOWN DISRUPTION & FADING VISIBILITY ON THE ECONOMY

SHUTDOWN DISRUPTION & FADING VISIBILITY ON THE ECONOMY

SHUTDOWN DISRUPTION & FADING VISIBILITY ON THE ECONOMY

Stocks opened higher this morning despite the US Trade Representative’s comment that no progress was made in US/China trade talks last week. The Dow is currently up 137 points and the SPX is up 1%. A number of sectors are up more than 1% in early trading, including utilities, communications, tech, healthcare and consumer discretionary. European markets closed higher by about .5% and Asia was up 1% or more last night. The VIX Index has fallen back to 18, which is below the long-term average of 20. The dollar is a bit stronger today and commodities are also higher. WTI crude oil is back up to $51.70/barrel after crashing to $42 last month. Bonds are mixed. Treasuries are unchanged but junk bonds are modestly higher.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

April 13, 2018

Stocks gapped up at the open but quickly gave way. The Dow is currently down 39 pts and the SPX is flat. Defensive sectors are showing some strength today, as well as energy. But financials (especially banks) are down after some key earnings announcements. Despite that, the VIX Index is down around 17.8. WTI crude oil is up yet again, around $67.409/barrel, to new 3-year highs. The headlines cite rising geopolitical tensions, but whatever the reason, it can’t be supported by fundamentals. Bonds are mostly unchanged today. The 5-year Treasury yield is hovering around 2.67% and the 10-year yield is trading at 2.82%. However, the 2-year Treasury yield continues to rise and at 2.36% is the highest since 2008. The yield curve continues to flatten.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

January 8, 2017

US stock market averages dipped after posting new highs on Friday. The Dow is currently down 20 pts and the SPX is flat. The tech & utilities sectors (+.4%) are leading the charge, but retailers and transports are also up modestly. On the other hand, biotechs and pharmaceuticals are down over 1% in early trading. The VIX Index is still hovering below 10 indicating low expected volatility. The rest of the world is also rallying. European markets are closing up about .3% and Asian markets were up overnight. Commodities are trading mostly lower, but WTI crude oi is up around $61.50/barrel. That’s a 2.5-year high. Shorter-term bonds are holding steady after selling off sharply last week. The 5-year Treasury yield is sitting at 2.29%, the highest since April 2011. Longer-term bonds are selling off today, with yields moving higher. The 10-year Treasury note yield is up around 2.48%. Investors are closely watching long bonds for any sign of rising inflation expectations.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

June 14, 2017

The major stock market averages opened higher despite a weak retail sales report. The Dow and SPX are currently up 9 pts & .2%, respectively. The Nasdaq is up .3%. The defensive sectors are catching a bid for a change (real estate, utilities, consumer staples). Financials is the only sector in the red after some less than stellar earnings reports. WTI crude is trading up around $46.45/barrel. Bonds are sharply higher in price, lower in yield after a soft inflation report. The 5- and 10-year Treasury note yields dipped to 1.86% & 2.32%, respectively. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

May 11, 2017

Stocks opened lower this morning (Dow -123 pts; SPX -.6%). Ten of eleven sectors are in the red, led by real estate, materials and consumer discretionary sectors. It does look like a pretty typical risk-off day. Small-caps, retailers, biotechs and transports are all down at least .6%. Gold miners are up over 2% and energy stocks are about flat. The VIX Index is trading back up toward 11. Believe it or not, oil prices continue to recover. WTI crude oil is trading just shy of $48/barrel this morning. The Bloomberg Commodity Index is up .3% today but still down 5% on the year. Bonds are trading slightly higher. The 5-year Treasury yield ticked down to 1.92% and the 10-year is trading at 2.40%.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

April 13, 2017

Stocks gapped down at the open but quickly recovered. The Dow and SPX are currently flat. Financials and tech are the best-performing sectors, up .3% to .5% in early trading. Biotechs are also up nicely. On the other hand, energy, materials and utilities stocks are in the red. The VIX Index is down today to 15.5. The dollar is a bit stronger today—and by the way, President Trump said yesterday he favors a weaker dollar to strengthen our global trade position. Anyway, oil prices continue to rebound and WTI crude is currently at $53.30/barrel. So it’s strange that most oil stocks (Chevron, Schlumberger, EOG Resources) are down on the day. Most other commodities are also higher, and I’ll point out that increased geopolitical tension has driven gold up 11% so far this year. Bonds are down a bit today as yields tick higher. The 5- and 10-year Treasury yields are at 1.78% and 2.25%, respectively. The next support level for the 10-year is at 2.23%.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

January 13, 2016

Stocks opened higher today (Dow +7 pts; SPX +.28%). Financials are powering ahead, up 1.1% in early trading. Biotechs and semiconductors are also up nearly 1%. Utilities, REITs and materials stocks are down modestly. The VIX Index is down again, now trading around 11, giving room for the stock market to run. Oil prices are down a bit to trade around $52.40/barrel, but anything over $50 will likely be conducive to the stock rally. Bond prices are lower on the day as yields tick up. The 5-year and 10-year Treasury yields are trading at 1.91% and 2.41%, respectively. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

December 15, 2016

Stocks Climbed yet again in today's session (Dow +60 pts; SPX +.39%). Financials led the way, up 1% after yesterday’s Fed announcement (see below). WTI crude oil opened lower but reversed course to trade up over $51/barrel. Bonds are selling off again. The 5-year Treasury yield is trading up to 2.09% and the 10-year is up to 2.60% (2+ year high).

The SPX and Dow are now up 6% and 8.7%, respectively since the election. The Nasdaq is up 5.2%. In the same period, the financial sector is up over 18% while the utilities sector is down 1.8%. So lots of dispersion. 

Wells Fargo (WFC) has been found in violation of the Dodd-Frank Act’s “living will” regulation. Last April, the Federal Reserve rejected the bank’s living will plan, along with Bank of America’s, Bank of New York Mellon’s, State Street’s and JP Morgan Chase’s plans. Since then, all but Wells Fargo have corrected deficiencies. The living will is essentially a plan to break up or dissolve large financial institutions in the case of another dire financial crisis. As a consequence, Wells Fargo is now temporarily banned from setting up international business units or acquiring non-bank financial services companies. The bank is scheduled to re-submit a revised living will plan by the end of March. What exactly is deficient about the current plan is hard to understand. Regulators said Wells has problems with the way it organized various “legal entities” and also with its method of sharing services between business units. The stock was down yesterday, but closed up 1% today. 

Yesterday, the Federal Reserve’s Open Market Committee (FOMC) decided to raise its short-term policy interest rate by .25% to .50%. Here are the main takeaways from Fed Chair Janet Yellen’s subsequent press conference: 
The GDP outlook is improved very slightly but she says we're still in for another two years of ~2% economic growth. She expects the unemployment rate to fall further to 4.5% by the end of 2017. And inflation will begin to accelerate from 1.5% today to 1.9% at the end of 2017 to 2.0% at the end of 2018. She now expects the Fed to raise short-term interest rates to about 1.4% by the end of 2017 and to 2.1% at the end of 2018. So putting it all together, the Fed expects a really tight job market, rising inflation, rising interest rates, and sort of disappointing economic growth. If you believe Mrs. Yellen, the outlook is not terribly encouraging; she characterizes it as “highly uncertain." In the aftermath of the announcement, the 10-year Treasury yield spiked to 2.56%, the highest since September 2014.

Retail sales disappointed in November, decelerating a bit to 3.8% y/y growth. I would note that still puts the growth rate at the higher end of the range we’ve seen over the past 2 years. Retailers apparently saw some weakness after two very strong months. Auto sales fell but restaurants and furniture sales improved. Despite the disappointment, Barron’s says “much of this report is constructive and won’t likely be holding down expectations for the holiday shopping season.” 

The Consumer Price Index (CPI)—a closely watched gauge of retail inflation—accelerated to 1.7% y/y growth in November from 1.6% in the prior month. The so-called “core” rate of inflation, which excludes food & energy, held steady at 2.1% y/y growth. Overall inflation levels are very tame but two areas are concerning: rent and medical costs. Rent for primary residence is up 3.9% y/y and medical care costs are up 4% y/y. And within that medical care category, health insurance inflation is 6%!. 

Improving economic data has pushed the Citigroup Economic Surprise Index up to +37. This is a gauge of trending strength in the economy, measuring whether economic data are coming in ahead or behind economists’ expectations. The index fell to -55 last winter but has staged a strong recovery.

Jim Paulsen of Wells Capital Management says the current market environment reminds him of the 1985-1988 time period. Weak economic growth, negative y/y corporate earnings, and poor investor sentiment reigned for a while, but those trends turned around the market was able to stage a huge rally. He cites the following positive factors: 
-    Earnings growth is now trending in the right direction
-    GDP growth is improving
-    Trump “pro-biz hope” could be stimulative
-    German and Japanese bonds yields are off of zero rates
-    Confidence in the recovery is taking hold

Mr. Paulsen believes stocks will lead bonds and cyclical sectors will lead the stock market. This could go on for a while before the rally “runs out of gas against higher rates.”


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

November 10, 2016

Stocks opened mixed this morning (Dow +156 pts; SPX flat). The Trump rally in financials and healthcare continues; they’re the leading sectors for a second straight day. By the way, famed bank analyst Dick Bove says the election outcome is a “grand slam home run for the [banking] industry.” He sees a roll-back of excessive regulations and predicts more capital will flow back into the banking system. The defensive sectors are sharply lower in early trading (i.e. utilities). Also, the FANGs (Facebook, Apple, Google, etc.) are down as investors yank capital away to reinvest in banks and biotechs. European market will close slightly lower. The dollar is stronger today (and trending up over the last week), perhaps in response to rising expectations for a Fed rate hike in December. Not surprisingly, WTI crude oil is down to $44.70/barrel this morning. Bonds are lower again today as yields continue to rise. The 5- and 10-year Treasury yields are up to 1.50% and 2.08%, respectively. There’s really no resistance on the 10-year until we get to 2.18%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

October 18, 2016

Stocks jumped at the open on better than expected earnings announcements. The Dow and SPX are currently up 90 pts & .7%, respectively. Healthcare, the supreme lagger this year, is up 1.2% in early trading. REITs, basic materials and tech are also leading. The VIX Index is down to 15.7. European markets are poised to close up 1+% and Asia was up overnight. The dollar is flat and so is oil, hovering around $49.90/barrel. Bonds are mostly unchanged with the exception of a modest rise in junk. The 5- and 10-year Treasury yields are trading around 1.25% and 1.76%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

October 13, 2016

Stocks sank at the open (Dow -155 pts; SPX -.8%) with tech, energy, financials and materials down more than 1% in early trading. Utilities and real estate are the only sectors in the green at the moment. After treading water for about 5 weeks, the SPX is selling off a bit. The VIX Index climbed over 17 this morning. European markets are poised to close down by about 1% and most of Asia was down overnight. The dollar is a bit weaker and commodities are slightly higher. WTI crude is flat around $50/barrel. Bonds are mixed, with junk yields a bit higher and Treasury yields lower. The 10-year Treasury yield is currently at 1.74%. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

September 28, 2016

tocks gapped up at the open but quickly gave way this morning. The Dow and SPX are currently down -18 pts & -.2%, respectively. Telecoms, utilities and healthcare stocks are down the most. The energy sector is up a bit as oil prices stabilize. WTI crude oil is trading flat at about $44.70/barrel. Bonds are mostly unchanged. The 5- and 10-year Treasury yields are hovering around 1.12% and 1.55%, respectively. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

July 15, 2016

Stocks gapped up at the open but quickly faded. The Dow and SPX are currently flat & -.24%, respectively. Biotechs are leading the way, up over 1% in early trading. Most everything else is down. The VIX Index sank under 13 this morning and VIX August futures are trading around 16. Traders still aren’t quite sure this rally has legs in the near term. The dollar is stronger but commodities are not uniformly lower. Copper is up .5% and WTI crude oil is trading up around $46/barrel. Bonds are selling off again as yields head higher. The 5- and 10-year Treasury yields are up to 1.15% and 1.60%, respectively. Why? There is less pressure on European sovereign bond yields. The German 10-year Bund just climbed above 0% for the first time since June 24th. We got a Eurozone report on inflation, which rose .1% y/y. At least it’s positive. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

July 13, 2016

Stocks opened modestly higher this morning but quickly faded (Dow -22 pts; SPX -.2%). The Nasdaq is down .3%. Telecoms, utilities and consumer staples sectors are bouncing back from yesterday’s slide. Banks, biotechs, energy companies and retailers are a bit weaker on the day. CNBC is reporting this little rally over the past week or so is the biggest (and was accomplished on the highest trade volume) since 2009. Every trader is on pins and needles trying to figure out whether this is a head-fake or the resumption of a more durable rally for equities. The dollar is weaker today and that’s giving some commodities a boost. Gold continues upward, copper is up 1.2% and iron ore is in the green. On the other hand, WTI crude oil is down around $45.40/barrel. Bonds are up in price as yields edge lower. The 5-year and 10-year Treasury yields are hovering around 1.04% and 1.46%, respectively. 


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.

April 15, 2016

Stocks opened lower but have turned around. The Dow and SPX are currently flat. Energy and healthcare sectors are in the red. The defensive sectors (consumer staples, utilities, telecom), on the other hand, are in the green. The VIX Index popped up a bit to 14 and VIX futures (May) are up to 17. So we’re seeing a little more skittishness on the part of traders as the stock market rebounds to levels not seen since December. There is a sense that further gains will have to come from better than expected first quarter earnings. The dollar is weaker on the day (and the year), but most commodities are lower. WTI crude oil is down 3% this morning to $40/barrel. Bonds prices are higher today as yields edge lower. The 5- and 10-year Treasury yields are down to 1.21% and 1.75%, respectively.


*The foregoing content reflects the author's personal opinions which may not coincide with the opinions of the firm, and are subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. All investing involves risk. Asset allocation and diversification does not ensure a profit or protect against a loss. Finally, please understand that–as with other social media–if you leave a comment, it will be made public.