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<h4>Friday, November 12, 2021</h4>
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<p>Equities cooled off this week alongside hotter-than-expected inflation. Even so, the S&amp;P 500 is near all-time highs and valuations remain exceedingly expensive, as the S&amp;P 500 Price/Sales ratio has reached a record high.</p>
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<p>This week’s economic reports focused on surging prices and its effects. The Core Consumer Price Index, which excludes volatile food and energy prices, soared to another 30-year high of 4.6%, as price increases broadened out across the economy in October. These widespread inflationary pressures are hampering optimism, as both Consumer Sentiment and NFIB Small Business Optimism dropped in their latest readings.</p>
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<p>Looking at our technical indicators, the InvesTech Canary (in the coal mine) Index is continuing to hold above its critical support levels thanks to yet another wave of retail investor speculation.</p>
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<p>There are no changes to the Model Fund Portfolio this week, which remains 74% invested with a moderately defensive 26% cash buffer.</p>
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<h3 class="has-text-align-center">Join James Stack at the 2022 New Orleans Investment Conference!</h3>
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<h3 class="has-text-align-center">October 12-15, 2022</h3>
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<p>James Stack will be a keynote speaker at the New Orleans Investment Conference next month.&nbsp; Register now to secure your spot and hear his general session address on Saturday, “<em>Monetary Showdown – Fasten Your Seat Belts.</em>” Jim will also be joining a group of experts on the “<em>Booms, Busts &amp; Bubbles”</em> panel on Friday.&nbsp; This is an event you won’t want to miss!</p>
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<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://neworleansconference.com/wp-content/uploads/2022/08/NOIC_2022_stack.html" target="_blank" rel="noreferrer noopener"><img src="https://ns2020-investech.investech.com/wp-content/uploads/2022/09/NewOrleans.jpg" alt="" class="wp-image-15658" width="354" height="175"/></a></figure>
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<p class="has-text-align-center"><strong>Visit this <a href="https://neworleansconference.com/wp-content/uploads/2022/08/NOIC_2022_stack.html" target="_blank" rel="noreferrer noopener">special link</a> for more information and mention “InvesTech” when you register!</strong></p>
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<h5>The next Weekly Hotline update will be next Friday after 12:30 PM ET</h5>
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<h2>This Week's Market Insights</h2>
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<h2>Featured InvesTech Indicators</h2>
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<h2>Model Fund Portfolio</h2>
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<h4>Friday, November 12, 2021</h4>
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<p><strong>There are no changes to the Model Fund Portfolio this week.</strong></p>
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<h2>Most Recent InvesTech Newsletter</h2>
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<h4>The next Market Letter will be published on the 3rd Friday of the month by 3:00 PM ET</h4>
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<p>The InvesTech Model Fund Portfolio is designed for individual investors who want to follow our allocation and sector recommendations for the equity portion of their portfolio. We do not attempt to “time” the market. Instead, we utilize an array of macroeconomic, technical, and fundamental indicators, some of which are proprietary, to monitor the long-term health of the market and manage risk by adjusting our allocation as evidence develops. We are unable to provide specific recommendations outside of the Model Fund Portfolio as we are not a registered investment advisor and are unable to provide individual investment advice. Please read our&nbsp;<a href="https://ns2020-investech.investech.com/terms-of-use/" target="_blank" rel="noreferrer noopener">important disclosures</a>&nbsp;for more information.</p>
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<h3><strong>Track Portfolio Changes</strong></h3>
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<p>Subscribers who follow the Model Fund Portfolio can track the trades we’re making in real-time as we implement our “safety-first” strategy. Changes will be announced here first and an email alert will be sent to subscribers notifying them of the change. Please ensure we have your current email address, you can confirm in the Account Settings of the&nbsp;<a href="https://ns2020-investech.investech.com/my-account/">My Account</a>&nbsp;area.</p>
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<h3>New Subscribers and Our Portfolio</h3>
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<p>We currently advise new subscribers or subscribers with new money to bring their portfolio in line with our recommended allocation by phasing into the market over approximately two months; however, purchases made after our initial recommendation must be made at your discretion.</p>
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<p>For more detailed information on aligning your portfolio to ours, please read the following article, <em>How to Use the Model Fund Portfolio.</em></p>
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