HIGHLIGHTS S&P 500 Index Valuation Concerns The FED’s Inflation and Employment Dilemma Chart of the Quarter: High Yield Bond Market Inflection Point Quarterly Outlook S&P 500 INDEX COMMENTARY After being relatively flat last quarter, the S&P 500 Index rallied over 10% during the fourth quarter as market fears subsided almost immediately as Q3 closed.  The…

HIGHLIGHTS S&P 500 Earnings Revisions Pointing Flat to Down Inflation Concerns Shocks the Consumer (Bond Market Thinks this Time is “Transitory”) CHART OF THE QAURTER: VIX INDEX REGIMES S&P 500 INDEX COMMENTARY After a substantial rally in Q2, The S&P 500 Index was flat for the quarter.  Initially the index hit a new high above…