July 27: The state of the economy is that it appears that only the end of inflation, Fed tightening, or the war in Ukraine will kick things into a positive direction. As it is, the leading economic indicators (LEI) have fallen for four months in a row while the coincident and lagging indicators still remain positive. Luckily, LEI is less accurate at predicating a recession than an economic recovery. On the other hand, the IMF now appears to fear the prospect of a global recession. Fortunately for the stock market, it may already be nearing a bottom for which a recession may have only a minimal effect. Thus, the worry about missing the upside because you sold at the bottom is something you can choose to avoid.

Not surprisingly, the energy sector area of oil and gas production is currently in favor. For those looking for the best growth stocks for the next 3 months or so, consider: CEQP, CEPU, CRC, OMV, DINO, CHEF, VLO, MPC, PBF, and CVI. For dividend growth stocks, some of which are the same, consider: BP, CEQP, CVI, ENLC, PSX, LUMN, SQM, and SU. The top 3 ETFs over the last 30 days are: FXN, IEO, and IYE. As always, good investing!