Fortem Financial

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A Welcome Pause that Refreshes

Stocks were sharply higher (S&P 500 +6.6%), breaking the multi-week downward trend. As we covered in recent weeks, stocks rallied on a large oversold condition and extremely negative sentiment. The best sectors were consumer discretionary (+9.3%), energy (+8.2%), technology (+8.1%), and financials (+8.1%); the worst sectors were healthcare (+3.3%) and communication services (+3.6%). What we’ve found notable about the market’s rally over the last week is that it hasn’t put any dent in … View More

Earnings Concerns Keep Market Heavy, but a Rally Likely Soon

U.S. equities fell (-3.0% for the S&P 500) for the seventh straight week. The DJIA fell for the eighth week in a row, the longest losing streak since 1923. The S&P 500 briefly dipped into 20+% decline territory, the traditional definition of a bear market. Multiple bearish themes dominated the dialogue. Three sectors were up for the week: energy (+1.4%), healthcare (+0.9%), and utilities (+0.4%); worst sectors were consumer staples (-8.6%) and consumer discretionary (-7.4%). The Federal… View More

Q1 Earnings update…Time For An Oversold Stock And Bond Rally?

U.S. equities were lower last week (S&P 500 -2.4%) for the sixth straight week (the longest stretch in over ten years). During the midweek selloff, the S&P 500 hit the lowest point since March 2021 and the NASDAQ since November 2020. The bearish case for equities focused on monetary tightening, persistent inflation, China COVID lockdowns, recession fears, and extended valuations. The only positive sector for the week was consumer staples (+0.3%); the worst sectors were REITs (-3.9%) and … View More

Fed Struggles to Thread the Needle

Equities fell last week with the S&P 500 down 0.2%, masking a huge rally on Wednesday and a big decline on Thursday. This was the fifth straight week of equity market decline. Equities fell due to headwinds from a continued back-up in yields (10-year yields were up 24 basis points). Best sectors were energy (+10.2%) and utilities (+1.3%); worst sectors were REITs (-3.8%) and consumer discretionary (-3.4%). 1Q Earnings Season In Line With Historical Average; Outlooks More Worrisome With mo… View More


The vast majority of Strategas’s published research reports can trace their origins to questions from clients we receive when they are on the road. What follows are some simple answers to the questions they are currently getting most frequently. We are happy to hop on a call to discuss them in greater detail should you have further questions about their answers. 1. What is your most non-consensus view? Where do you think the consensus is potentially most offsides? We have a relatively high co… View More

Fed raised Rates .50bps as expected

"Transitory" is out, "expeditious" is in. As most investors expected, the Fed raised short-term interest rates by half a percentage point (50 basis points) earlier today, leaving the range for the federal funds rate at 0.75 – 1.00%. The 50 bp rate hike was the largest at any one time since May 2000, near the peak of the first internet boom. And at least two more 50 bp hikes are likely at the meetings in June and July. Prior to the meeting, we had anticipated a half percentage point rate hike … View More

Fed Meeting this week should bring us a .50bp rate hike that is already priced into the market

Equities were sharply lower last week (S&P 500 -3.3%) as stocks made their lowest close of the year. The week was capped off by a big Friday selloff. Some suggest risks are skewed toward a near-term rally given factors, including weak sentiment, low positioning, and oversold conditions. Treasuries were little changed, pausing after the big backup in yields over recent weeks. Best sectors were materials (-0.8%) and technology (-1.3%); worst sectors were consumer discretionary (-7.9%) and REIT… View More

Q2 Earnings are outpacing expectations but Quantitative Tightening (QT) is starting

U.S. equities were down last week, with the S&P 500 falling 2.7%. The week’s slide was broadly attributed to increasingly hawkish central bank commentary by the Fed and the ECB. Q1 earnings so far are outpacing expectations. The only positive sectors were REITs (+1.2%) and consumer staples (+0.4%); the worst performing sectors were communication services (-7.7%) and energy (-4.6%). 2020 saw both supply & demand shocks as health concerns mounted. But fiscal & monetary support were … View More

Interesting Article in the Wall Street Journal

Corporate Tax Reform Worked Revenue is surging, exceeding what CBO and critics predicted By The WSJ Editorial Board April 19, 2022 Democrats are still looking to raise $1.6 trillion in new taxes this year, and even Joe Manchin says he’d support a corporate tax increase. The West Virginia Senator might reconsider if he looks at the actual revenue results of the 2017 tax reform that cut corporate tax rates. Reform has been a winner for the economy and federal tax coffers. Remember the claim… View More

Materials, Energy and Industrials are still the best performing sectors of the market

U.S. equities were lower last week, with the S&P 500 down 2.1%. (Small-cap stocks were modestly higher.) Some bullish talking points didn’t get much market traction, including peak inflation, better supply chain trends, and consumer resilience. These positions were overshadowed by fear around inflation, supply chains, and geopolitics. Best performing sectors (and the only ones positive) were materials (+0.7%), industrials (+0.4%), energy (+0.3%), and consumer staples (+0.2%); worst perform… View More

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Fortem Financial Group, LLC, has adopted this policy with recognition that protecting the privacy and security of the non-public personal information we obtain about our customers is an important responsibility.

All financial companies choose how they share your non-public personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your non-public personal information. Even when you are no longer our customer, we will only share your non-public personal information as described in this notice. So, please read this notice carefully to understand what we do.

The types of non-public personal information we collect and share depend on the product or service you have with us. This information can include items such as your Social Security number and income, your account balances and transaction history, and your investment experience and account transactions.

We collect your non-public personal information in a variety of ways. For example, we obtain your non-public personal information when you open an account or give us your income information, tell us about your portfolio or deposit money, or enter into an investment advisory contract. We also collect your non-public personal information from other companies. For example, from the custodians who hold your account assets.

All financial companies need to share customer’s non-public personal information to run their everyday business. Below, we describe the reasons we can share your non-public personal information and whether you can limit this sharing.

We share your non-public personal information for our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, report to credit bureaus, to protect the confidentiality or security of your records, or as permitted by law. We may also share your non-public personal information for our own firm’s marketing purposes; so that we can offer our products and services to you.

Federal law gives you the right to limit only sharing non-public personal information about your credit worthiness for our affiliates’ everyday business purposes; sharing non-public personal information about you with our affiliates to market to you; and sharing non-public personal information with non-affiliates to market to you.

We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

We share non-public personal information with our parent company affiliate, Focus Financial Partners, Inc, for its internal and external auditing purposes. We also share your non-public personal information with a non-affiliate for the purpose of aggregating it and providing summary information based on this data to our parent company, Focus Financial Partners, Inc.

To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

If you have questions please call us at 760-206-8500 or go to our website at


Fortem Financial Group, LLC ("Fortem Financial" or the "Firm") is a federally registered investment adviser with offices in California and Arizona. Fortem Financial and its representatives are in compliance with the current registration and notice filing requirements imposed upon federally registered investment advisers by those states in which Fortem Financial maintains clients. Fortem Financial may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements.

This website is limited to the dissemination of general information regarding the Firm's investment advisory services offered to U.S. residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Fortem Financial' website on the Internet should not be construed by any consumer and/or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment, tax or legal advice. Furthermore, the information resulting from the use of any tools or other information on this website should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Fortem Financial. Any subsequent direct communication from Fortem Financial with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. Fortem Financial does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to this website or incorporated herein, and takes no responsibility therefore. All such information is provided for convenience purposes only and all users thereof should be guided accordingly.

All statements and opinions included on this website are subject to change as economic and market conditions dictate, and do not necessarily represent the views of Fortem Financial or any of their respective affiliates. Past performance may not be indicative of future results and there can be no assurance that any views, outlooks, projections or forward-looking statements will come to pass. Investing involves risk, including the potential loss of principal, and the profitability of any particular investment strategy or product cannot be guaranteed.

Any rating referenced herein may not be representative of any one client's experience. Further, the Firm's receipt of any rating is not indicative of the Firm's future performance. The Charles E. Merrill Circle of Excellence award is granted by Merrill Lynch for outstanding client service and satisfaction. The award is granted based on annual criteria established by Merrill Lynch for its top decile advisors. The Barron's Top 1,200 Financial Advisors rating of the top financial advisors in the United States is based on data provided by participating firms. The following factors are included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance is not an explicit component. The Palm Springs Life's "40 Under 40" Rising Young Professionals to Watch in the Coachella Valley is based upon nominations from the local business community and selected by the staff of Palm Springs Life.

For information pertaining to the registration status of Fortem Financial, please refer to the Investment Adviser Public Disclosure website, operated by the U.S. Securities and Exchange Commission, at, which contains the most recent versions of the Firm's Form ADV disclosure documents.