Since WWII, the third year of the four-year presidential cycle has been the best for the stock market. However, there are a number of troublesome factors that concern me. While consumer spending has been quite resilient, as InvesTech Research notes over 23 million consumer loans are now delinquent, close to the level reached during the 2008 recession.
We still have not seen a stock market low with complete capitulation where investors sell almost everything and force prices down to significantly depressed levels.
Our March 2023 Market Commentary provided by Derwood S. Chase, Jr. Founder & Chairman Emeritus.