Published June 26, 2026
Just a brief note this week as the stock market continues a slow summer grind. While the action at the broad index level has been flat overall (the S&P 500 and Nasdaq both sit roughly where they were seven weeks ago), the action underneath has been furious. There has been a serious rotation OUT of the Mag 7 stocks that have powered this market for so long. (more…)
Published June 18, 2026
Below we offer a brief of Delta Research’s review of the economy and markets at mid-year. We have noted many of these themes in recent weeks as the stock market bulls have consistently fought off bearish uncertainty to drive stock prices higher. (more…)
Published June 12, 2026
Below are a couple of recent writeups regarding the stock market’s efforts to value the enormous cost and opportunity of AI.
Published June 5, 2026
As investors, we scour the news for clues how our investments might be affected by changes in the economy, geopolitics, et al. What we cannot see are the flows of money around the global markets. All we can see are the resultant prices of stocks, bonds and commodities as money flows in and out. Those price movements are what drive our models and, thus, our investment decisions in the short-to-medium term (where our models operate). (more…)
Published May 29, 2026
We found the article below from Bank of America’s equity research team to have an interesting perspective on the market’s AI mania of late.
“The artificial intelligence-fueled rally is often compared with other capital expenditure-led build-outs, like that of the internet during the dot-com bubble. (more…)
Published May 22, 2026
Stocks continue to largely ignore the rising bond yields that typically raise warning flags for markets. Below, we provide a series of recent notes from Delta Research regarding recent market action: (more…)
Published May 15, 2026
For many investors, the recent bout of inflation is their first experience with the stubborn beast. The United States has been fortunate over the past three years that a booming AI trade has more than neutralized the negative stock market effects of inflation. (more…)
Published May 8, 2026
Below we offer Schwab’s analysis of the first quarter earnings. The rise in earnings and earnings expectations has driven the sharp rebound in stocks over the past few weeks. (more…)
Published May 1, 2026
This week’s earnings announcements have reminded investors that the AI trade and the extraordinary amount of spending involved in building data centers has very beneficial effects on many companies’ bottom lines. (more…)
Published April 24, 2026
As an investor, it can be confusing to see the market shrug off troubling news events. Such is the case with the Strait of Hormuz closure, an event that is clearly disrupting supply chains of many energy, fertilizer, and other products. (more…)