Good Morning,
I hope everyone had a great weekend! It’s hard to believe we are already at the end of Q1—time certainly flies.
Markets opened higher this morning as investors attempt to navigate headlines surrounding the conflict with Iran. Sentiment remains tense, with some reports suggesting constructive negotiations, while others point toward additional strikes and possible boots on the ground. This week brings the March employment report on Friday and PMI manufacturing data on Wednesday. Investors will be closely monitoring the degree of economic resilience, particularly as oil prices remain elevated. Market sentiment is becoming overly bearish, in my opinion, which is bullish from a contrarian perspective. The value narrative has continued to hold up, and should we see constructive progress toward a resolution in Iran, I would anticipate a sharp move higher. As I have mentioned over the past few weeks, patience is key given the velocity of this market. Think back to Liberation Day in April of last year—markets sold off sharply, only to reach new highs in the weeks that followed. Attempting to time this market seems like a fool’s errand. Please continue to reach out with any questions or comments.
Attached, please find this week’s Market Strategy Radar Screen Report from John Stoltzfus, Chief Investment Strategist at Oppenheimer Asset Management.
Have a great week and Happy Easter!
(Note: The stock market and our office will be closed on Friday, April 3, in observance of Good Friday.)