The indices have taken off so far in 2023. But returns are not what they seem beneath the surface.

S&P 500 breaks out and year-to-date returns look healthy. But there is still a lot of weakness underneath the surface.

Ignore the 4.9% year-over-year inflation rate. The month-over-month rate is the best measure of current inflation and it remains stubbornly high. Recession or not, volatility likely still lingers because small caps continue to underperform.

The stress in the financial sector has not receded. But earnings so far, are coming in better than expected for the first quarter of 2023.

Mixed signals continue to baffle market strategists as the market awaits clear direction from either the bulls or the bears.

Inflation eases, banking failures subside, and recession fears ease. But the odds of more rate hikes continue to increase.

Bank failures, high inflation, possible recession… Yet the S&P 500 is actually showing fairly strong price action. What’s going on?

Continued volatility in the banking industry caused by a new bank failure and a rush to stabilize the regional banking industry. What is the Bank Term Funding Program and what did that do to the Federal Reserve Balance Sheet?

Silicon Valley Bank nears total collapse. The first sign of serious breakage in the economy since the Federal Reserve began the tightening cycle.