*** TAADualMom Update ***

Date: 2026-03-23 | Allocations: QQQ: 0.80
Date: 2026-03-24 | Allocations: QQQ: 0.80
Date: 2026-03-25 | Allocations: QQQ: 0.80
Date: 2026-03-26 | Allocations: QQQ: 0.80
Date: 2026-03-26 | Allocations: QQQ: 0.80

*** TAADualMom Update ***

Date: 2026-03-24 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-25 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-26 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-27 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-30 | Allocations: QQQ: 0.80, VINEX: 0.20

*** TAADualMom Update ***

Date: 2026-03-26 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-27 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-30 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-31 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-31 | Allocations: QQQ: 0.80, VINEX: 0.20

*** TAADualMom Update ***

Date: 2026-03-26 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-27 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-30 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-31 | Allocations: QQQ: 0.80, VINEX: 0.20
Date: 2026-03-31 | Allocations: QQQ: 0.80, VINEX: 0.20

For me the most interesting thing last week was that earnings estimates not only held up despite the turmoil, but accelerated higher. The 52-week rate of change for the 12-month forward EPS estimate is now up to 19% despite the market being in risk-off mode. Earnings estimates often follow price, but not this time (so far at least).

The chart below compares market drawdowns against the year-over-year change in earnings estimates. As the S&P 500 is off 9%, earnings growth has accelerated to 19%. Comparable episodes were the start of the 2022 bear market (although back then estimates were still recovering from the pandemic), and the 2018 one-two punch of Volmaggedon in January (when inverse-VIX ETFs blew up) and the Powell rate tantrum later that year. Before that, we have 1999 when the internet bubble became more chaotic, and the 1994 Greenspan rate cycle. 🧵