The Market Fieldbook

Current market field notes

The Market Fieldbook

The latest readings across markets, the economy, factor leadership, and company fundamentals.

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Latest readings

Three horizons. One research record.

Daily market behavior, weekly economic conditions, and monthly factor leadership are read together rather than as isolated signals.

Daily market

What is the market doing now?

Current reading

Broad Risk-On

Internal Health
74/100 Stable
Regime Momentum
22/100 Weakening
Risk-on appetite
77 Weakening
Defensive demand
44 Improving
Growth leadership
19 Weakening
Momentum leadership
18 Weakening
Credit risk appetite
62 Stable

What changed

  • no major regime or leadership changes compared to the prior observation.
  • The mixed signals in breadth and the deterioration in growth and momentum leadership are notable, but they do not indicate a definitive…
Confirmation

Credit continues to confirm risk appetite and volatility remains contained.

Divergence

Breadth is weakening: T1 breadth fell from 82% to 59% over 5 observations.

Watch next

Monitor the trajectory of defensive demand and its impact on market sentiment.

Published July 17, 2026 Data through July 16, 2026
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Weekly economy

What is changing beneath the market?

Current reading

Mixed / Transitional

Confidence
High
Growth
77.2 Expanding
Labor
69.4 Tight
Inflation Pressure
50.4 Benign / Watch
Credit
86.8 Loose
Liquidity
64.1 Neutral

What changed

  • the labor score improved by 6.4 points, indicating firmer labor conditions.
  • Growth and inflation pressure scores remained stable, while the credit score saw a slight deterioration of 2.4 points.
  • Overall, these changes reflect a mixed economic environment, with some pillars showing improvement while others remain stable or weaken slightly.
Confirmation

The market regime is classified as Broad Risk-On, while the economic regime is Mixed / Transitional. This alignment is mixed and should be monitored…

Divergence

Market/economy divergence risk: Low.

Watch next

Monitor changes in growth momentum.

Published July 13, 2026
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Monthly factors

What characteristics are being rewarded?

Current reading

Broad Risk-On

Mkt-RF
+6.1% Positive across all four displayed horizons.
RMW
-8.8% Negative across all four displayed horizons.
Momentum
+3.7% Positive across all four displayed horizons.
Long-Term Reversal
+5.5% Positive across all four displayed horizons.

What changed

  • Positive across all horizons: Mkt-RF, Momentum, Long-Term Reversal.
  • Negative across all horizons: RMW.
  • Mixed across horizons: SMB, HML, CMA, Short-Term Reversal.
Confirmation

Broad Risk-On is confirmed by positive market beta and momentum, while profitability remains the main internal weakness.

Divergence

Profitability remains the clearest factor weakness: RMW is negative across every displayed horizon.

Watch next

Monitor the performance of RMW for signs of recovery.

Published May 2026 Data through May 29, 2026
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The operating cycle

  1. Observe
  2. Screen
  3. Research
  4. Form a thesis
  5. Challenge it
  6. Invest selectively
  7. Monitor and repeat
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Company research

Move from the environment to individual businesses.

The Company Scorebook organizes public companies by business quality, valuation, balance-sheet strength, and market confirmation.

Scores are starting points for investigation—not recommendations, price targets, or substitutes for a defensible thesis.

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See the evidence first. Read the process when you need the explanation.

How to use the Fieldbook → Read the methodology →