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The Other-Hand Market

by Gregory M. Drahuschak March 1, 2023
Faced with often indecisive economic views, President Harry S. Truman yearned for what he called a one-handed economist who could offer an opinion without then beginning a countering view with the phrase “on the other hand.”

Conflicting information plagued the equity market last month. On one hand, the number of job openings far exceeded previous readings. Productivity, likewise, topped expectations and non-farm payrolls increased more than twice as much as the previous month. The widely followed ISM Manufacturing Index moved back into expansion territory as the new orders measure jumped.

On the other hand, housing starts remained relatively weak: The Philadelphia Fed Index had a negative reading for the sixth consecutive month and the lowest reading since May 2020, and interest rates climbed steadily throughout the month.

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This report is provided for informational and educational purposes only and shall in no event be construed as an offer to sell or a solicitation of an offer to buy any securities or a recommendation for any strategy or to buy, sell, or hold any product. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed here. The information described herein is taken from sources which we believe to be reliable, but the accuracy and completeness of such information is not guaranteed by us. The opinions expressed herein may be given only such weight as opinions warrant. This Firm, its officers, directors, employees, or members of their families may have positions in the securities mentioned and may make purchases or sales of such securities from time to time in the open market or otherwise and may sell to or buy from customers such securities on a principal basis. This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed, or published by any person for any purpose without Janney’s prior written consent. This presentation has been prepared by Janney Investment Strategy Group (ISG) and is to be used for informational purposes only. In no event should it be construed as a solicitation or offer to purchase or sell a security. Past performance is no guarantee of future performance and future returns are not guaranteed. There are risks associated with investing in stocks such as a loss of original capital or a decrease in the value of your investment. For additional information or questions, please consult with your Financial Advisor.

About the author

Gregory M. Drahuschak

Equity Market Analyst, ISG

Read more from Gregory M. Drahuschak

Related Articles

The Other-Hand Market

by Gregory M. Drahuschak March 1, 2023
Faced with often indecisive economic views, President Harry S. Truman yearned for what he called a one-handed economist who could offer an opinion without then beginning a countering view with the phrase “on the other hand.”

Conflicting information plagued the equity market last month. On one hand, the number of job openings far exceeded previous readings. Productivity, likewise, topped expectations and non-farm payrolls increased more than twice as much as the previous month. The widely followed ISM Manufacturing Index moved back into expansion territory as the new orders measure jumped.

On the other hand, housing starts remained relatively weak: The Philadelphia Fed Index had a negative reading for the sixth consecutive month and the lowest reading since May 2020, and interest rates climbed steadily throughout the month.

Continue to read full PDF

This report is provided for informational and educational purposes only and shall in no event be construed as an offer to sell or a solicitation of an offer to buy any securities or a recommendation for any strategy or to buy, sell, or hold any product. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed here. The information described herein is taken from sources which we believe to be reliable, but the accuracy and completeness of such information is not guaranteed by us. The opinions expressed herein may be given only such weight as opinions warrant. This Firm, its officers, directors, employees, or members of their families may have positions in the securities mentioned and may make purchases or sales of such securities from time to time in the open market or otherwise and may sell to or buy from customers such securities on a principal basis. This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed, or published by any person for any purpose without Janney’s prior written consent. This presentation has been prepared by Janney Investment Strategy Group (ISG) and is to be used for informational purposes only. In no event should it be construed as a solicitation or offer to purchase or sell a security. Past performance is no guarantee of future performance and future returns are not guaranteed. There are risks associated with investing in stocks such as a loss of original capital or a decrease in the value of your investment. For additional information or questions, please consult with your Financial Advisor.

About the author

Gregory M. Drahuschak

Equity Market Analyst, ISG

Read more from Gregory M. Drahuschak

Related Articles

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