Stocks started their historically strongest six-month period (November to April) with gains. U.S. stocks managed to produce a return of 2.7% in November according to the S&P 500 Index. Foreign stocks, as measured by the MSCI EAFE Index rose 1.4%. It was the seventh consecutive month of underperformance for foreign stocks relative to domestic stocks, confirming that the U.S. stock trend is firmly entrenched. Since the start of May, the MSCI USA Index has outperformed the MSCI EAFE Index by 14.3%.
We exited the remainder of our exposure to European stocks last month. While we continue to have concerns about the valuation of the U.S. stock market as a whole, there are areas within the U.S. stock market that are not overvalued, such as the technology and health…
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