New All Time Highs on Strong Volume


Hello Folks

Bottom Line Up Front:  My personal TSP Allocation/Contributions:  50%/50% C-Fund and I-Fund.

I apologize for the “quiet period” with recent website inactivity, however I prefer not to report on things that do not bear reporting.  Indeed we are in the middle of the summer, a period of lethargic performance in the markets; there is just not much going on.  On July 7, the markets began to come to life again, with things really looking very nice last week and this week, July 25 and July 26 to be exact.   Lets get started with some charts:


Many of the readers have adapted my chart reading techniques-  they will recognize that the volume action in the SP 500 Index on July 25 and July 26 was indeed above average, with All Time Highs (ATH) attained both days.   This is a very positive sign, and if history is our guide, such behavior will be a harbinger of things ahead:  continued up-trending action into August.   This is important:  August is historically the worst month for the SP 500 and NASDAQ stocks.  A positive August will serve as an indicator that the remainder of 2017 will be very strong.

On July 26 the Federal Open Market Committee (FOMC) concluded its July meeting with no change to interest rates.  Note that the markets remain earnings and policy driven (attention on interest rates has weakened) however the markets appeared to embrace the lack of a rate hike and embrace the FOMC’s positive language in regards to the economy.   PDF Statement

Another event on July 26, was the failed “full” Obamacare Repeal Amendment.  Healthcare reform remains a top priority by elected officials, and soon talk of a “skinny repeal” was introduced, which was met by numerous Democrats stating that there was “no chance” a skinny repeal would become reality.   While this is not a political commentary blog, I feel this is important as indecision and disagreement by our politicians can impact our TSP.   I sincerely believe if everyone can get on the same page, the market rally will get even stronger, which will benefit the TSP.

Speaking of agreements (which also means compromises…), a potential government shutdown looms ahead if agreement can not be reached on the “Border Wall” funding situation.  This, too, can impact our TSP, as world stock markets may not be receptive to the idea of a shut down superpower government.   President Trump, along with members of the Freedom Caucus, are in support of a shutdown if the politicians cannot otherwise reach an agreement.

As stated above, my personal TSP Allocation is 50% C-Fund and 50% I-Fund.  ALL stock funds (C, I, S) are doing very well.  I believe we will see the I-Fund end up as the summer’s overall best performer, but again, all stock funds are doing well.

In regards to some questions concerning possible changes to our FERS retirement system, I have located a document from the NARFE, which discusses this topic:  NARFE Federal Benefits PDF

That is all I have for now, hope everyone is doing well…talk to you soon.

-Bill Pritchard



Summer Doldrums Begin


Hello Everybody

Bottom Line Up Front:   My TSP remains 50% C-Fund, 50% I-Fund.

It is apparent that the stock market “summer doldrums” are indeed upon us.  As most know, the month of June was mostly a sideways month, while many sectors witnessed gains, other suffered losses.  While the official TSP Funds monthly returns are not published yet, S-Fund will likely be the top performer.  All stocks funds are the place to be in, however determining which one will be next month’s top performer has lately been a game of throwing darts blindfolded.   As discussed or alluded to in my prior post(s), the current political climate in the world’s most powerful nation is impacting the markets, there is no question that 2017 is nothing like we have seen in past years, on a variety of fronts.

A few events in June have affected the markets.   On June 9, Apple Computer (a very large NASDAQ component) was downgraded, as analysts questioned its high stock price and wondered if consumers would dump the still-new IPhone 7 for the IPhone 8.  This impacted other tech stocks, and resulted in the NASDAQ taking a pretty good hit on June 9 and June 12.

On June 14, the Federal Open Market Committee (FOMC) decided to raise interest rates by 0.25%.   This was seen as a vote of confidence in the economy, and on June 19 the SP 500 Index attained an All Time High of 2453.82.  Unfortunately, Crude Oil has been crashing to the low-40’s- some may recall prior posts that Crude Oil needs to be $55-$60 to keep oil stocks up and keep workers off the unemployment lines.  Crude Oil, and related big energy company stocks (all large caps, aka C-Fund), subsequently did not do well in June.

On June 22, President Trump’s attempt at Obamacare repeal failed, with GOP senators unable to agree amongst themselves on the best path forward.  The recent inability in Washington to “close deals” has not gone unnoticed by Wall Street-  on June 27 and June 29, the markets sold off on high volume, not a positive sign.

Lets take a look at some charts:

The first chart above is a “close only price” chart of the SP 500 Index, it takes away the daily volatility (daily price swings) and only depicts the price when the market closed.   As you can see, the uptrend in the SP 500 is still intact.    The second chart shows the High-Low-Close (HLC) price action, and the third chart depicts the same thing but with attention to the new 2420.00 support level on the SP 500, and the recent trend of the index shown.

The action in June should not create panic or instill fear in your heart:  historically the NASDAQ has pulled back 10-12% each summer, typically this occurs between June 25 to August 25.  To be clear, each summer the lowest point of the markets typically are 10% to 12% from their previous highest highs.  If we take this historical behavior, using the NASDAQ’s recent high of 6341.70, the NASDAQ “summer bottom” should not go below 5580.70.   As such, I offer the following guidelines as we navigate the summer heat and summer doldrums:

-NASDAQ summer low not to exceed 5580.70

– SP 500 long-term support level remains 2400.00

If the markets go below these levels, it warrants “heightened monitoring” however don’t be in a rush to go to G-Fund in the summer.  The summer is typically lethargic and a great time to accumulate shares.  It is also hard to crystal-ball which funds will do best in the future, my personal allocation remains 50% C/50% I-Fund, due to my personal opinion that if, and when, the President and Congress can get onto the same page, this will be a great positive for the economies of our country and of other nations.  Our economy is doing great by all accounts, however if regulation is reduced in some industries and trade barriers removed, this will be a positive thing.

“What about my federal retirement benefits being taken away” – I hear this all the time, as stated before, I am pretty good at analysis of the stock markets, but my expertise dwindles beyond that.  For that please reach out to my colleague Dan Jamison of The FERS Guide

His email is:

My opinion on this matter is that nothing is getting done in DC right now, and I don’t see our retirements being changed any time soon.  I could be wrong, but there are simply too many pending “projects” in Washington, all of them with minimal progress, so I am not sure if, or when, the proposed changes to our retirements will get closer to reality.   Note:  If I was retirement eligible now, and my personal financial situation could sustain it, I probably wouldn’t wait until the last-minute to “see what happens.”  I might be submitting my retirement paperwork now.   COLA removal, SRS Supplement elimination, High-5 instead of High-3, I have seen various worksheets floating around reporting $25-$45,000 in annual retirement income reductions if these changes indeed take effect.   The guy who has all the answers on these changes is Dan Jamison.

That concludes this update….thank you for reading and talk to you in a few weeks….

-Bill Pritchard






Weekend Update – Market Uptrend Resumes

Hello Folks

The last trading week of May is now behind us- allow me to discuss my TSP allocation & contribution changes, and my analysis of recent market action.  As we enter June, one must ask where did the year go, time sure flies when you are having fun.  June also happens to be part of the historical “summer doldrums”period of flat market action, which lasts from May through September:

Additionally, June represents “Month #6” of President Trump’s new administration.  Our new President is indeed setting new tones and taking actions not seen before.  As such, the market has not acted completely in line with prior historical “first six months” periods of past Presidents.  Using prior data and behavior is great;  I rely heavily on trends and “historical behavior” to temper my decision-making, however some of this has proven have lesser accuracy, likely due to the fact that President Trump and his advisors indeed are charting new courses and taking actions not witnessed before.  The S-Fund lagged in May, returning a negative performance, a rare event in an otherwise up market.  Such a laggard performance is a red flag for that category (small caps), it appears institutional money is indeed flowing to large caps (in this category exists Exxon, Caterpillar,  Boeing) and flowing to international stocks (I-Fund).   See graphic, from the official TSP website:

S-Fund still performed best on a 12-month period, however the last few months have impacted its YTD performance.  In finance and investing, it is said “don’t fall in love with your position” and my ties to the S-Fund are about to be severed.  My personal TSP Allocations and future contributions will be changing to 50% C-Fund, and 50% I-Fund.

Economic and political news over recent weeks has been largely positive, at least as far as I can tell, having stopped watching the two extreme leaning (both in different directions) news sources and instead obtaining my news from BBC, Bloomberg TV, and the Wall Street Journal.  While no media source will be completely unbiased, I encourage a look at the aforementioned sources if you are tired of the circus on the other channels.  The markets seem to have embraced President Trump’s first international trip, and the recent “Jobs Report” reflects the lowest unemployment level in 16 years, 4.3% in May.  A chart reflecting the unemployment rate is below:

The next major news event which may impact the markets will be the Federal Open Market Committee (FOMC) meeting, on June 13-14.  Indeed, the improving economy will give reason to discuss an interest rate hike.  However, as mentioned before, the market is policy and politics driven, and it is no longer about rate hikes.  However this topic will likely be discussed at the upcoming FOMC meeting.

Lets move forward with some “market talk” and discuss my favorite thing, charts and technical analysis.

On 06-02-17, the SP 500 closed at a new All Time High, attaining 2440.23, having broken the 2400 overhead resistance level on 05-23-17.

All Time Highs are indeed a positive thing.  The international stocks are also doing this, the ones we are concerned with occupy the MSCI EAFE (Europe, Australasia, Far East) Index.  An easy way to monitor this is to watch the Exchange Traded Fund (ETF) which mirrors this index:

As can be seen, a huge “gap up” occurred on 04-24-17, with strong volume and accumulation occurring since.   Gap Ups are further explained in my prior 2014 post here:

I have received some inquiries as to “What changes are looming for my federal retirement.”   I am unable to answer them, all require fluency in federal benefits, accounting, and other such specialties, especially since a myriad of possibilities exist as to each employee’s personal situation.  I will however, provide you with additional information sources, as I too, am concerned about this topic.  The person who is an expert, is Dan Jamison, of the FERS Guide, I strongly recommend that you become a subscriber to his newsletter.

Below is a video from Federal Times, in which Jessica Klement from NARFE is interviewed on this very topic.


It is important to point out that none of the proposed retirement changes have taken effect yet.  I do expect some fireworks as we get closer to September 30, my crystal ball anticipates another government shutdown ahead.

That wraps up this update, hopefully I have shed some light on recent market action and articulated my reasons for my new TSP Allocation of 50% C-Fund, 50% I-Fund.   My subscriber-count continues to grow at a rapid pace, exceeding the population counts of some small cities.  All agencies are represented, civilian and military alike, to include financial advisors in private practice.   “Thank you” for sharing this with your friends and colleagues.

See you in a few weeks……

-Bill Pritchard


Dow down 372 Points as political concerns Grow


Greetings Everyone

As most know by now, trading on May 17 was pretty bloody, with the Dow Jones closing down 372 points.   No sector or industry group was spared, and NASDAQ stocks, an index which contains almost all small-caps (think S-Fund), was hit badly.   Allow me to share my views.

Bottom Line up Front, I remain 100% S-Fund but have been contemplating a move over to I-Fund and C-Fund.  As crazy as the world geopolitical climate has been, it is hard to argue with cold hard cash, and that is what the I-Fund has produced all year.   While some may believe that “it is too late to get in now”, in the investment world, when an index is doing very strongly, it behooves the investor to jump onto the train early, versus later.   As we approach June, six months since Mr. Trump was sworn in, the international stocks have reacted very positively.  There is no reason they cannot continue to do well.

Note that most sell-offs tend to be panic-driven, versus fact-driven, and as such, I avoid decision making with a lot of dust is in the air.  It is hard to see, and hard to navigate.    In aviation, it is taught that the first thing a Pilot should do after an engine failure or malfunction is “wind his watch.”  In summary, the Pilot should take a deep breath, look away from the litany of illuminated warning lights, and for a brief moment, do another task.

It appears confidence is waning due to what is happening in the political arena.   When in doubt, sell, and many on Wall Street appear to be doing just that.   Lets take a look at some charts:

As can be seen from the charts, the May 17 volume on the SP 500 Index was very high, consistent with institutional investors selling positions.

As I stated before, the markets are no longer about interest rates, and instead are about policy, and policy’s close cousin, politics.   Indeed, rate watchers have a date approaching, the FOMC Meeting on June 13-14 may shed some light on future rate hikes.   However rate hikes are no longer the main attraction in the current show (circus?) right now.

Now for some positive energy:   Dystopian views aside, the SP 500, while closing lower today on high volume, is still above a the lows of March and April.  The  new critical level to monitor is 2360.00, basically we need the index to quickly to back above that level, any contrary behavior gives cause for additional concern.   While I continue to consider a move to I-Fund, this recent turn of events may change my approach, which may include my first safe-haven move to G-Fund in a long time.

Until then, lets monitor things.   I remain 100% S-Fund and am contemplating an allocation change to include I-Fund and C-Fund in the near future.  I may move to G-Fund if conditions worsen.

Thank you for reading and talk to you soon…

-Bill Pritchard



Market’s Confidence Weakens


Good Morning Everyone

I hope this update finds everyone well.  I had intended to publish this on Thursday April 20 night, due to my celebratory mood triggered by the Dow Jones closing up 174 points that day.  However I said “self, as soon as you publish this, the market will go lower the next day [one of my subscribers, who I personally know, reminds me of this…Hello SJO…]” so I waited until the weekend.  The market indeed did go lower, obviously I had nothing to do with it, so maybe loyal follower SJO will be kindler and gentler with me in the future.

With that said, if anything can sum up the market, it is the fact that it is losing confidence in the current administration.  Observe that it celebrated things post-election, but the Paul Ryan failed AHCA really kicked it downward.  As a recap, on March 23, Paul Ryan’s Health Care reform (basically the repeal of Obamacare) was pulled after Ryan advised President Trump that it would not have the votes for passage.   The markets sold off very hard over the next few days, and this laid the ground work for April.

Lets take a look at some charts of the SP 500:

As can be seen, the 2017 peak in the market occurred on March 1, with the SP 500 attaining 2400.98.  It then drifted downward, and was pummeled after AHCA failed.   I say “failed” because it was never voted on, which is the same as “did not pass” – the markets have since become very skittish and have lost confidence in future administration policies and initiatives oft-mentioned during the elections.

News outlets are reporting that on Wednesday April 26, a “major announcement” on the new tax plan will be released.   This week also has a another event, the current Continuing Resolution (CR) expires on April 28.

As I said in numerous posts before, the market is policy driven, and no longer interest rate driven.  When was the last time anybody mentioned interest rates ?  Exactly my point.  Policy, or lack of, is driving events.   North Korea, Syria, and other hot-spots do not help matters.

Note that all of April has witnessed low to average volume, indicating that nobody is “getting back into” the market or jumping in with both feet.  You have probably three categories of participants right now: the 1) Scared/Non Believers, they are out now, 2) Believers and still in, but getting worried (me), and 3) Those who are out a long time ago or are in only partially, and waiting for the proper time to invest 100%, aka “waiting for the perfect time to enter” (out=not invested, in=yes in stocks and investments-  70% G-Fund and 30% C-Fund would be “partially in.”)  The levels to watch are 2335 as a support level on the SP 500, anything below that is a major red flag.  The overhead resistance level remains 2360.  We cannot begin to celebrate any trend reversal until the index can break upward through that level.

Interestingly, small cap stocks (S-Fund) have responded best on the few days the market has performed well.  Overall, my preliminary data reflects that small cap stocks have performed best (or, least-worse) in April.   If only we could get a trend change, and we would be good to go.

I remain 100% S-Fund until further advised.   Two big events this week, a reported “tax plan announcement” on April 26, and a CR Expiration on April 28.   I have no issue jumping to G-Fund but as stormy and cloud as the skies are, I am not quite there yet and remain 100% S-Fund.

I apologize if this post sounds like a political commentary-  I did not intend that.  However the markets are driven by policy, and its close brother, politics, right now…I felt it was worthy to share my opinion.

Thanks for reading, everybody have a great week.

-Bill Pritchard



Markets remain Problematic…


Hello Everybody

As we enter the month of April, typically the best month of the year for the Dow Jones Index (see image below), we continue to see lethargic performance, mostly believed to be associated with stalled policy making efforts by President Trump.  Observe that the month of March, which historically is a positive one, was negative for US stocks and only positive for foreign markets.  See image of historical monthly returns:

My chosen allocation of 100% S-Fund resulted in a negative March performance.  Indeed, the S-Fund, primarily small-cap stocks which are typically listed on the NASDAQ, got beat up pretty good as soon as the believed-to-occur tailwinds for small business suddenly evaporated, soon after Paul Ryan was unable to secure passage of the Affordable Care Act.   Let’s take a look at some charts, which unfortunately display above average volume with price movement to the downside, which means “selling” or “distribution” on the indexes.   The SP-500 chart and the SPY ETF is displayed, as volume activity is often more apparent via the SPY ETF.

Apparent in the charts is that we have had at least six distribution days since March 20.  Note that a high distribution day count has the potential to turn an uptrend into a downtrend, and a subsequent bear market condition.  We are not there yet but clearly I am not over joyed about the current situation.

The key level on the SP-500 remains 2360, this was mentioned in prior posts however it remains an important area to watch.   In recent days the index has penetrated this level, only to fall back down through it.   Market action on 04-05-17 was positive in the morning, upon the release of a strong Jobs Report, with 263,000 jobs added, much higher than the original believed amount of 170-185,000.   Unfortunately, the market now remains susceptible and largely news-driven, a motorless boat in the ocean, quick to react to any light blinking from the shore:   Federal Open Market Committee (FOMC) Minutes released during the afternoon, indicating potential interest rate hikes in 2017, quickly sent the market back downward.

I stated the following in my 02-05-17 post:

“….the markets are no longer interest-rate driven, they are now policy-driven, policies and positions being advocated by Mr. Trump and Congress….”

I strongly feel this remains the case, however I want to insert that “lack of policy” is sure to drive the markets south.  If we continue to have lack of policy passage, and lack of agreement in Washington, the markets could continue lower.

Until then, I remain 100% S-Fund: accepting the fact that March was negative, once we get unstuck and things in Washington (hopefully) get resolved, the small caps will take off higher, in my opinion.   Again, I remain 100% S-Fund.

Thank you for reading and please continue to share this site with your friends and colleagues.

-Bill Pritchard


Challenging Day Ahead – Dow futures down 139 Points

More of a FYI email than anything else, Dow Jones futures are trading to the negative 139 points this morning.  Typically when the regular markets open for trading, any move on the futures markets are amplified much greater.

See Chart:

The theory that President Trump’s inability to obtain passage on American Health Care Act (AHCA) last week, which I mentioned last week, is being widely adopted in media circles as the reason behind the market’s malaise.

Indeed today 03-27, the stock markets will take a beating, hopefully I am wrong but I don’t think I will be.   I hesitate to make any decisions until the rest of the week forms up.

-Bill Pritchard


Stocks Sold-Off on March 21


Hello Folks

Just in time for my “routine update” comes a troublesome sell-off/distribution day in the markets, with the oft-watched Dow Jones Index closing on March 21 with a 237 point loss.  Most impacted were the NASDAQ members and small-cap stocks (think “S-Fund”), with international stocks least impacted.

A variety of speculation exists as to why this occurred, most of it pointing towards the Thursday March 23 vote on Paul Ryan’s American Health Care Act (AHCA), which will pave the way to repeal Obama Care.  Reportedly some GOP members are against this, a major action-item for President Trump’s team, and if it encounters problems with passage, then it is believed that other action-items will also see problems ahead.   As I have mentioned here before, the markets are largely (…mostly…) psychological in nature, and do not like uncertainty or confusion.  Those are the elements of triple digit losses.

Lets take a look at some charts.  Evident is that the volume was almost double its average volume, with price action to the downside.  This is a red-flag in my book and something to keep an eye on.   It is important that the SP 500 recover back to the 2360 level as soon as possible.

A look at the SPY Exchange Traded Fund (ETF), which mirrors the SP 500 index, is helpful for volume analysis:

So in summary, the action on March 21 was undesirable and warrants close monitoring.  As discussed, we want the SP 500 to return to at or above 2360 as soon as possible.  I remain 100% S-Fund for the time being.

Thank you for reading…talk to you soon…

-Bill Pritchard


All stocks rally strongly on March 1


As most know, the stock markets rallied strongly on Wednesday March 1, the day after President Trump’s address to Congress – a performance which obtained positive reviews from CNN, The New York Times, and NBC, all media outlets not known to be cheerleaders for Mr. Trump.   More importantly, the markets liked his performance, with overnight futures increasing by 100 points and a daytime trading session with a 1.5% to almost 2% gain across all indexes, a pretty big deal.  (When you wake up at 5AM to check Dow Futures  which you then send to your WhatsApp buddies, you realize you have no life…) The SP 500 “gapped higher” which is a very bullish behavior.   Note that small caps stocks led the rally today, outperforming all other stocks.  Lets take a look at some charts:

As can be observed, the SP 500 leaped above the prior day’s trading range, this is known as a Gap Up, observe also that the volume was above average, another positive sign.  In sum, I see no indications of “danger ahead” (contrary to the majority of press reporting…) in the markets and hesitate to try to guess when the trend will stop.  Unless the market tells me to get out, I am in.

This brings up another item, the monthly returns for the TSP Funds.  As crystal-balled here before, the C-Fund indeed outperformed in February.   See graphic:

The C-Fund, composed of large cap stocks, and designed to replicate the SP-500 Index performance, responded very well to Mr. Trump’s policy statements and talking points about infrastructure, defense, and reducing regulation.  Not surprisingly, large cap companies in the sectors of construction, defense/military, and financial/healthcare are the top performing stocks presently.   The argument to move to C-Fund is somewhat stronger now, however I prefer to monitor things a bit longer.   I still refrain from I-Fund due to unpredictability with the international markets.   Add the fact that I believe institutional money will seek the best return-  I believe this will be found in US stocks, not in international stocks.   As more swimmers get confident about Swimming Pool USA, they will leave other pools and thus those stocks will see lower returns.

In sum, I remain 100% S-Fund until further notice.  I may modify my TSP Allocation/Contributions to include, some, or all, C-Fund, in the next 30-90 days.   Until then, I remain 100% S-Fund.

“Congrats” to my numerous subscribers who have crossed the $1M mark in the last month.  While my site is not a money printer and I cannot take any credit for those TSP balances, the feedback received is that this site has raised general awareness of market events and many of the $1M folks have remained fully invested in stocks as a result-  by doing so, they witnessed substantial gains in their accounts.

Thanks for reading and talk to you soon.

-Bill Pritchard




Why I think the Bull Market just got Started…


I am sure the title of this post got your attention.  I rarely make proclamations, however I am going to take the position that the bull market is just getting started.  You will read why below.

Before I share my rationale, allow me to discuss a very famous “Trend Follower” trader.   The trend following school of thought, one that I subscribe to, states that maximum returns are obtained from large, long-term trends, and smaller sub-trends within the large trend.  It also states that trying to guess the future is a futile endeavor.   A gentleman by the name of Ed Seykota, a professional trend follower, having managed money for others, coined what is termed “The Magazine Cover theory”  This theory saw its birth in the 70’s, pre-internet, but the concept still applies, only now you should include any big-name news website in addition to print magazines.

In sum, whatever a magazine cover says about the market, just do the opposite.   And you typically will see gains in your portfolio.  Note that many in the press are promising a crash to the “Trump Rally” and in doing so, they are throwing everything at the wall just to see what sticks.   Remember, the Trump Stock Market is all about policy-driven events, not interest rates.  Also observe that Mr. Trump claimed we would learn more details regarding his tax reforms within the first 100 days of his administration.  With any luck, America’s parents will have some extra cheer in their step just in time for summer vacation, and some breathing room in the family budget to take junior to Wally World.

What has happened in the markets since my last post ?  On February 9, the SP 500 broke thru the 2300 level, and in doing so, in my opinion it added new energy to the current uptrend.   The first “kickoff” of the uptrend occurred after the elections, then a second “confirmation” occurred on December 7.  Another way to look at this action is an “uptrend within an uptrend”.  Lets take a look at some charts, the second version of the charts below have my comments on the charts:


As can be seen above, the markets are doing quite well, making new All Time Highs in recent days and displaying positive volume action.   On a 30-day look back, the S-Fund and C-Fund are running pretty closely neck-and-neck with each other.  Top sectors/industry groups are Financial Stocks, Mining, and metal producers.  These are all “old school” large-cap stocks, so some argument exists that a move to C-Fund is warranted.   C-Fund indeed may outperform S-Fund in the next 30-60 days.   However I remain 100% S-Fund, since small cap stocks in almost all cases outperform their larger cap brothers.  I-Fund had some bursts of energy in January but in my opinion, the world is about to jump in with both feet into US stocks.   If that occurs, the domestic stock funds (overly complicated term for C/S Funds, or the L-Funds with C/S exposure) will do very well.   I hesitate to guess which fund will do best, if you want that, numerous TSP advice sites Ad-nauseam exist, all trying to outguess and outpredict each other (and all with no identifiable real human owner behind their content…).  I offer no performance claims, but I will share this old screen shot from a 2014 Corporate Finance class I was taking as part of an MBA program.  The screen shot involved a “stock market trading simulation.”  Some in the audience will recognize my username.  I post this here for entertainment value only….

Instead of a crystal ball, I respond to what is happening, and right now, we have C-Fund and S-Fund both performing very well.

In summary, we have a potential argument in support of why I think the Bull Market just got started.   With a little luck, hopefully I am right.   Thank you for reading and please continue to share this site with your friends and colleagues.

-Bill Pritchard