J. Lyons Fund Management, Inc. Newsletter


An Appealing Market - July/August 2016
Re-examining the evidence, in favor of and opposed to, a further extension of the bull market
Stay Of Execution For The Bull? - May/June 2016
Positive developments in recent months may have extended the life of the bull market -- but for how long?
Breaking Bad - Anatomy Of A Market Top, Part 2 - February/March 2016
The last and most important bastion of the cyclical bull market in stocks - price - has finally broken down.

2015 Charts Of The Year - December 2015
Red Skies in the Morning… - October/November 2015
Signs from the economy are not consistent with optimism suggested by a stock market near its highs.
Internal Combustion - Anatomy Of A Market Top, Part 1 - August/September 2015
Detailing the systematic deterioration in the internals of the stock market, now at depths historically seen only near major market tops.
What’s Right Is Wrong, What’s White Is Black - June/July 2015
In contemporary society, the basic tenets of financial prudence have been turned upside down.
This Time It IS Different! - April/May 2015
Policy and market response to financial challenges HAS been different this cycle -- so far.
Risk Has Begun To Rein - January/February 2015
Investment in the riskiest assets has been on a relative decline, a trend that preceded prior major tops.

2014 Charts Of The Year - December 2014
Durable Secular P/E Lows are Combination of P and E - October/November 2014
Extreme P/E lows resulting from both low prices AND high earnings allow for lasting long-term bottoms.
Good News & Bad News - August/September 2014
Despite rising equity prices, the economic climate is less than stellar.
Cracks In Market Chemistry - June 2014
While the S&P 500 is scoring new highs, weakness in high-beta areas threatens the stability of the rally.
2014 Secular, Ahem, Bear Market Update - April/May 2014
Despite new market highs, evidence still suggests that the post-2000 secular bear market is not over.

Under The Big Top - September/October 2013
The conditions that have characterized cyclical tops within secular bear markets are presently in place.
The Market: At (and On) a High - August 2013
Fed-induced liquidity has resulted in a still-sputtering economy and a sketchy market at all-time highs.
All In - May/June 2013
Contrary to one bullish thesis, in reality retail investors are about as "in" the stock market as they're likely to get.
Full Circle: 2013 Secular Bear Market Update - February/March 2013
The market has (again) returned to its secular bear market high...will it break out or cycle back down again?
Unhappy New Year! - December 2012/January 2013
The stock market is at a 5-year high...so why is everyone so unhappy?

Danger: Thin Market - October/November 2012
Underlying conditions supporting the cyclical rally are melting away, leaving the market vulnerable to collapse.
Condemned - August/September 2012
Due to insufficient repair, the rest of the secular bear market will likely be even weaker than lackluster precedents.
Investors' Last Chance? - July 2012
The current rally may be investors' last chance to seek protection before the third strike of this secular bear hits.
Three Times the Risk - June 2012
Long, medium and short-term bearish stars are aligning.
Recovery or Wishful Thinking? - May 2012
Recent encouraging data is likely buying investors time to seek shelter rather than a sign of a turn.
Wall Street's Valuation Myth - April 2012
Are current P/E ratios actually cheap? Do they even matter? Exposing one of Wall Street’s favorite sales pitches.
Dow 10,263 - March 2012
An (unsolicited) addendum to Jeremy Siegel's Dow 15,000 call.
Liters or Gallons? - February 2012
It is important (as always) to use 'appropriate' measures to analyze the current rally.
Running to Stand Still: 2012 Secular Bear Market Update - January 2012
Stock market forecasts are dubious, especially when it comes to investing for retirement in this environment.

The 'Can't Afford Retirement Plan' - Part 2 - December 2011
Essential components of a successful investment plan.
The 'Can't Afford Retirement Plan' - Part 1 - November 2011
Most investors are operating with a fatally flawed investment plan - - or no plan at all.
October: Stock Market Cortisone - October 2011
Despite its dismal reputation, October has often provided a much needed "shot in the arm" to the market.
Crash Course - August/September 2011
A historical look at stock market crashes...and most importantly, what to expect post-crash.
Running on Fumes - Part 2 - July 2011
How much fuel is in the U.S. investor tank - - and is it enough to propel us into a new secular bull market?
Running on Fumes - Part 1 - June 2011
How much fuel is in the U.S. household tank - - and is it enough to propel us into a new secular bull market?
The Frog in the Boiling Economy - May 2011
Maintaining proper perspective can keep investors out of hot water.
Sell in May and Go Away? - April 2011
Just how effective is this well-heard stock market adage...and should the strategy be deployed this year?
Beware the Ides of April - March 2011
An April phenomenon has accurately forecast the outlook of typically strong 3rd Years of the Presidential Cycle.
Wake Up, Americans - February 2011
There is a crisis in retirement preparedness in the U.S....and it's getting worse.
Another Lost Decade Ahead?: 2011 Secular Bear Market Update - January 2011
Buy-and-hold investors who had 0% stock returns in the last decade may be in for more of the same in the next.

The Crash of 2008 - What Now? - December 2010
Here Lies Buy-and-Hold - November 2010

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