1. The Bull Romps Again! Can the Good Times Last?

2. What’s Behind the Rebound
Avoided: “Black hole for black gold”
Dramatic revival for junk bonds
Dollar off about 3% YTD
Green shoots for U.S. economy (PMIs)
But Europe, Japan, China still weak

3. Potential Upside SPX 2017 operating earnings estimate of
$ (FactSet)
Year-end 2016 forward P/E unchanged at
16.3X
Result: S&P 500 trades at 2209

4. Bullish Indicators Chartist 90% rule CBOE equity put-call ratio
Fund managers’ cash

5. Breadth Stampede

6. Options Traders Gloomy

7. Fund Managers Scared

8. Stock Picker’s Advantages
Market indexes showing their FANG
Earnings overreactions (AAPL!)
Sector anomalies (Big Pharma)

9. Take Your Meds AbbVie (NYSE: ABBV) Roche Holding (OTC: RHHBY)
Sanofi (NYSE: SNY)
Teva Pharmaceutical (NYSE: TEVA)

10. “Old” Tech on the Rebound
Apple (NASDAQ: AAPL)
Intel (NASDAQ: INTC)
Microsoft (NASDAQ: MSFT)

11. Bond Investor’s Dilemma
Interest rates rise: downward pressure on
prices for Treasuries, munis
Interest rates fall: defaults on lower-grade
paper multiply
Conclusion: If you can accept the risks,
go with stocks that pay growing dividends

12. Gold: Insiders Dumping

13. Oil: The Same Story (Almost)

14. Your Turn to Ask