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 Opinion and Insight

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An Alternative Way To View Or Print The Entire Current Issue As A Single Document
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
Hot On The Trail
Value Sleuths Mark & Jon Boyar See Odds Favoring "Forgotten Forty"
Couldn’t help myself. Surveying the carnage on the battleground of the financial markets upon my return from our holiday sojourn, I felt unaccustomed excitement growing. 

Stock after stock that I looked at — not the bloodied but still bubbling FAANGS — but considerably less-decorated soldiers from the middle and even the bottom ranks of that miserable group known as common stocks had been so horrifically pummeled that, dare I say, many are on sale at levels even a diehard value investor could love. 

So cheap, in other words, as to be practically irresistible, even if the bear is only catching a nap during this rebound rally and returns to do his worst. [More]
The Late Cycle Lament:
The Dual Economy, Minsky Moments, And Other Concerns
1/10/19 8:00 AM
By James Montier
Over-optimism and overconfidence are two well-known psychological traits of our species. They are particularly dangerous in the late stages of an economic cycle where these terrible twins result in investors overestimating return and underestimating risk — a potentially lethal combination of errors. [More]

Testing, Testing...
Many Stocks Knocked Down To Value Levels; Time To Start Sifting
1/10/19 7:00 AM
By Blaze Tankersley
Let’s talk briefly about the market today (January 8) and then tomorrow I want to start getting back to the market of stocks, after an overly long period of macro dominance. SPX prices are working in the minor leg 4 we have discussed and this is going in quite a text book fashion thus far. [More]

A Few Encouraging Signs
Carnage Might Be Over; Regardless, It’s Time For Buying List
1/10/19 6:00 AM
By James Paulsen
Amongst the carnage and ongoing financial market volatility are a few encouraging signs the stock market may eventually regain its footing. As the pictures below illustrate, a proprietary US economic momentum indicator suggests that recession fears may lessen by the spring, valuations have now fallen well below levels justified by bond yields, investor mindsets are quickly shifting away from overheat fears, and the US dollar may finally be breaking down. [More]

The S&P Rally’s Challenge
Action Around 255-2650 Resistance Will Be Telling
1/10/19 9:01 AM
By Andrew Addison
After reaching and exceeding my 2400 downside target, the SPX rallied strongly. Momentum diverged positively at the 2350 closing low. [More]

The 36-Year-Old Structural Bond Bull Is Dead; Higher Rates Seen
1/10/19 8:01 AM
By Louise Yamada
Interest Rates: The 36-year Structural Bond Bull Market is Over. The Initiation of a New Structural Bear Market for Bonds (New Cycle of Rising Rates) Has Begun, Definitive with the Move Through 3% (defining a higher low and higher high). [More]

Venture Cap Values & Reality
Examining Unicorn Investors’ Grossly Optimistic Assumptions
1/10/19 8:00 AM
By Will Gornalla and Ilya A Strebulaev
We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. [More]

Acute Observations, January 11, 2019
Perceptive Commentary from January 1-11, 2019
1/10/19 8:00 AM
Shira Ovide
The smartphone market is following the growth-challenged path of personal computers. That won't please executives at Samsung Electronics Co. and Apple Inc., but their pain might be great for consumers. [More]

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