About Peter Kenny

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So far Peter Kenny has created 56 blog entries.

Budget showdown, is there trouble ahead?

To date, investors have not priced in a protracted shutdown as is evidenced by the continuation of our run-up in prices. The run-up in prices that we have witnessed over the past 52-weeks has left the S&P with a gain of 26.31% and a P/E of 23.41. Over the same period, the Dow Industrials have [...]

By |2018-01-22T19:00:19+00:00January 22nd, 2018|Uncategorized|

A Look Ahead to 2018-What is on the horizon that could threaten the equity market rally?

We head into 2018 with significant economic tailwinds, improving estimates for corporate profitability, and expectations for additional economic expansion. That said, I suspect the hunt for equity market ROI this year may be a bit more challenging than it was in 2017. Much of the run-up in prices that we saw in 2017 was predicated [...]

By |2018-01-29T14:24:51+00:00January 14th, 2018|Uncategorized|

US equity markets, with the support of solid economic data and a very constructive Q3 earnings season, remain on solid ground as they hover close to record highs.

Given all the constructive economic data we have been receiving and an earnings season that has seen 75% of reporting companies beating Q3 consensus thus far, is the coast clear for a smooth and eventless finish to the year? US equity markets moved incrementally higher and further into record territory in Black Friday’s abbreviated session [...]

By |2017-12-06T14:13:51+00:00December 6th, 2017|Uncategorized|

No Day at the Beach

All in all, last week we saw modest equity market gains as a result of a singular theme; the reemergence of the tax reform narrative in Washington. That lift to the broader market was largely the result of outperformance by financials/banks. Tax reform narrative aside, markets also managed to glean some support from the energy [...]

By |2017-08-31T20:27:43+00:00August 31st, 2017|Uncategorized|

All Eyes and Ears on Jackson Hole Friday

The modest reset lower that we have seen materialize over the past two weeks may have more room to run on the down side. As we have discussed since mid-summer, the bull market's sponsorship is thinning and the broader market is in need of a reset. This reset is needed both to consolidate gains and [...]

By |2017-08-24T12:13:58+00:00August 24th, 2017|Uncategorized|

Uptrend Continues as North Korea Rhetoric Ebbs

US equity markets have posted a solid performance as a result of better than expected economic data and better than expected Q2 corporate earnings and a solid stream of encouraging data for investors. -Chicago PMI Report for July was a solid 58.6, though modestly below expectations that were calling for 61. Pending Home Sales for [...]

By |2017-08-15T15:31:07+00:00August 15th, 2017|Uncategorized|

Big Week on Tap

This week's economic calendar will provide investors with two very important data points: the FOMC Meeting/Announcement on Tuesday and Wednesday, respectively, and the initial Q2 GDP reading on Friday. With these two significant data releases on tap this week, it is important to keep in mind that the US equity landscape remains constructive heading into month-end.    Inflation slowing   [...]

By |2018-01-29T14:24:33+00:00July 24th, 2017|Uncategorized|

The Tech Swoon – A Long Time Coming

"On a relative valuation basis, tech/software is expensive. Investors will look for relative value in financials during this period of rotation." Readers of Kenny's Commentary will recall this early analysis on Bloomberg Radio and Reuters TV: https://kennyscommentary.com/ Wall Street fell sharply on Thursday with the S&P 500 and Dow industrials on track for their worst [...]

By |2017-07-03T14:39:49+00:00July 3rd, 2017|Uncategorized|

US economy to Federal Reserve: Take it easy

Yahoo Finance June 5, 2017 The release of the May Employment Report was disappointing for those expecting our robust employment narrative to remain intact, leading investors to question the predictability for the timeline of further Fed tightening in coming quarters. Results for the month (+138K) were well short of consensus (+185K). To make matters even less [...]

By |2017-06-06T18:23:30+00:00June 6th, 2017|Uncategorized|