The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Stocks are higher at midday on Thursday on new optimism about a trade deal between the U.S. and China. President Trump tweeted that a deal is very close, and the Wall Street Journal is reporting that the U.S. has offered to cancel the December 15 tariffs and lower rates on existing tariffs as part of an offer to China. Industries doing well today include airlines, energy equipment and services, and banks. Industries trading lower today include equity real estate investment trusts, building products, and gas utilities. The VIX is down 0.89 to 14.10. The Dow rose 0.7%, the S&P 0.6%, and the Nasdaq 0.4%. Crude oil traded near $59 per barrel, while gold fell $4 to $1471 per ounce.

The Federal Reserve has reversed its rate-hike program and is now lowering rates, primarily because numerous inflation measures are running below the central bank's stated goal of 2.0%. For example, the widely followed Consumer Price Index is up at a 1.8% rate over the past year, while the core CPI (ex Food and Energy) is up 2.2%. The rate of the Fed's favorite measure, the market-based Personal Consumption Expenditure Consumer Price Index ex Food and Energy, is up 1.7%, while the overall market-based Personal Consumption Expenditure Consumer Price Index has gained 2.3%. Deeper in the pipeline, we see deflation: the Intermediate Producer Price Index for Unprocessed Goods is down 10.4% over the past year, and the Intermediate Producer Price Index for Processed Goods is down 2.0%. Looking ahead, bond investors are not anticipating a pick-up in inflation any time soon. The implied long-term inflation rate as expressed in the 10-year TIPS bonds is 1.5%. It's little wonder that the 2-year T-note yield is near 1.7% and the 10-year 10-bond yield is near 1.8%.

Insert a descriptor of your choosing: Investors have [been whipsawed] [experienced whiplash] [taken a roller-coaster ride] [witnessed a remarkable tug of war] [seen share prices move from pillar to post] [navigated remarkable volatility] [endured seesaw action] as daily pronouncements, most of which relate to trade and interest rates, have pulled stocks price higher and lower with remarkable speed. But in all that action, corporate insiders have been predictable and, dare we say, effective investors.

Like tides moving up to or receding from the beach, the stock market moves in a back-and-forth pattern but still ultimately moves in one direction. The S&P 500 had been in a pattern of rising highs and higher lows for almost all of 2019 to date. Then came May. With the upside surprises of earnings season now receding, the index may be entering a phase of lower highs and lower lows.

Stocks rose on Friday, aided by optimism over a China trade deal and strength in semiconductor stocks. The Dow Jones Industrial Average and S&P 500 both rose 0.5%, while the Nasdaq Composite added 0.8%. The major benchmarks also had a strong week, with gains of 3.8% for the Nasdaq and 2.9% for the S&P 500. The Dow lagged with a 1.6% rise as component Boeing dealt with the grounding of one of its best-selling planes. Year-to-date gains are now 10.8% for the Dow, 15.9% for the Nasdaq and 12.6% for the S&P 500.

The S&P 500 lost another 1.5% on Wednesday, with the Dow following suit and the Nasdaq hit even harder (down more than 2% for the day). Fed news is what moved the market, as it often does. The Fed announced another quarter-point rate increase (which was already baked in) and revamped its projection for rate increases for 2019 (from three to two). That could easily have been seen as good news. But beauty is in the eye of the beholder, and already-nervous investors saw the ratcheting down of rate increases as indicative of an economic slowdown. The market is now 14.5% off its late-September high and at a low not seen since September 2017.

The Federal Reserve has reversed its rate-hike program and is now lowering rates, primarily because numerous inflation measures are running below the central bank's stated goal of 2.0%. For example, the widely followed Consumer Price Index is up at a 1.8% rate over the past year, while the core CPI (ex Food and Energy) is up 2.2%. The rate of the Fed's favorite measure, the market-based Personal Consumption Expenditure Consumer Price Index ex Food and Energy, is up 1.7%, while the overall market-based Personal Consumption Expenditure Consumer Price Index has gained 2.3%. Deeper in the pipeline, we see deflation: the Intermediate Producer Price Index for Unprocessed Goods is down 10.4% over the past year, and the Intermediate Producer Price Index for Processed Goods is down 2.0%. Looking ahead, bond investors are not anticipating a pick-up in inflation any time soon. The implied long-term inflation rate as expressed in the 10-year TIPS bonds is 1.5%. It's little wonder that the 2-year T-note yield is near 1.7% and the 10-year 10-bond yield is near 1.8%.

Insert a descriptor of your choosing: Investors have [been whipsawed] [experienced whiplash] [taken a roller-coaster ride] [witnessed a remarkable tug of war] [seen share prices move from pillar to post] [navigated remarkable volatility] [endured seesaw action] as daily pronouncements, most of which relate to trade and interest rates, have pulled stocks price higher and lower with remarkable speed. But in all that action, corporate insiders have been predictable and, dare we say, effective investors.

Like tides moving up to or receding from the beach, the stock market moves in a back-and-forth pattern but still ultimately moves in one direction. The S&P 500 had been in a pattern of rising highs and higher lows for almost all of 2019 to date. Then came May. With the upside surprises of earnings season now receding, the index may be entering a phase of lower highs and lower lows.

Stocks rose on Friday, aided by optimism over a China trade deal and strength in semiconductor stocks. The Dow Jones Industrial Average and S&P 500 both rose 0.5%, while the Nasdaq Composite added 0.8%. The major benchmarks also had a strong week, with gains of 3.8% for the Nasdaq and 2.9% for the S&P 500. The Dow lagged with a 1.6% rise as component Boeing dealt with the grounding of one of its best-selling planes. Year-to-date gains are now 10.8% for the Dow, 15.9% for the Nasdaq and 12.6% for the S&P 500.

Hoping and Positioning for a December Rally

Stocks are higher at midday on Thursday on new optimism about a trade deal between the U.S. and China. President Trump tweeted that a deal is very close, and the Wall Street Journal is reporting that the U.S. has offered to cancel the December 15 tariffs and lower rates on existing tariffs as part of an offer to China. Industries doing well today include airlines, energy equipment and services, and banks. Industries trading lower today include equity real estate investment trusts, building products, and gas utilities. The VIX is down 0.89 to 14.10. The Dow rose 0.7%, the S&P 0.6%, and the Nasdaq 0.4%. Crude oil traded near $59 per barrel, while gold fell $4 to $1471 per ounce.

Growth stocks may be outperforming in 2018 -- but in an environment of historically low interest rates, many investors are still searching for high levels of income, which can often be found in Value stocks. Over the years, the performance record has favored Growth. Since 2003, the Russell 1000 Growth Index has climbed 423%, compared to an advance of 278% for the Russell 1000 Value Index. In 10 of the 15 years of this period, Growth stocks have topped Value stocks. Still, Value is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.2%, compared to the current yield on the iShares Russell 1000 Growth Index ETF of 1.1%. As well, sometimes the risk profile favors Value. For the past five years, the standard deviation of monthly returns for Value stocks has been 2.83%, compared to the standard deviation of monthly returns for Growth stocks of 2.93%. When we look for Value at Argus, we look for low valuations on metrics such as price/earnings, price/sales, price/book, yield and price/cash flow. But we also look for companies with clean balance sheets, high levels of profitability and cash flow generation capability, and experienced management teams.

Growth stocks may be outperforming in 2018 -- but in an environment of historically low interest rates, many investors are still searching for high levels of income, which can often be found in Value stocks. Over the years, the performance record has favored Growth. Since 2003, the Russell 1000 Growth Index has climbed 423%, compared to an advance of 278% for the Russell 1000 Value Index. In 10 of the 15 years of this period, Growth stocks have topped Value stocks. Still, Value is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.2%, compared to the current yield on the iShares Russell 1000 Growth Index ETF of 1.1%. As well, sometimes the risk profile favors Value. For the past five years, the standard deviation of monthly returns for Value stocks has been 2.83%, compared to the standard deviation of monthly returns for Growth stocks of 2.93%. When we look for Value at Argus, we look for low valuations on metrics such as price/earnings, price/sales, price/book, yield and price/cash flow. But we also look for companies with clean balance sheets, high levels of profitability and cash flow generation capability, and experienced management teams.

Hoping and Positioning for a December Rally