The foundation for our near-term view (12-18 months) of the U.S. stock market is summarized by examining five important drivers of stock prices. While much of the data we review for each factor (such as earnings growth rates, P/E ratios, etc.) are objective, the process of assimilating that data into a view of where that factor falls on the spectrum of favorable to unfavorable for stocks is essentially a subjective exercise.

The investment ideas and expressions of opinion may contain certain forward looking statements and should not be viewed as recommendations, personal investment advice or considered an offer to buy or sell specific securities.

Statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio. You may request a free copy of the firm's Form ADV Part II, which describes, among other things, affiliations, services offered and fees charged. Past performance is not an indication of future returns.