HCM Weekly Market Update | Howard Capital Management & the BuyLine® — Curated for East Valley Retirees

Tailored Investment Solutions from Howard Capital Management and J. Martin Wealth

Located in Roswell, Georgia, Howard Capital Management (HCM) is an SEC-Registered Investment Advisor Firm. They aim to deliver professional money management solutions to individuals seeking growth while maintaining a prudent investment approach. The firm offers the use of the HCM-BuyLine®, developed by Vance Howard, CEO and Portfolio Manager at Howard Capital Management Inc., which has been their cornerstone since 1996. This stop-loss safeguard is crafted to provide timely guidance during market volatility. The HCM-BuyLine® effectively reduces downside risk by moving from equities to cash and cash equivalents while actively identifying opportunities to boost equity exposure during a market upswing.

J. Martin Wealth, based in Arizona, provides fiduciary financial advice tailored to help you meet your financial goals. Led by Jeff Martin, our team focuses on personalized investment strategies that align with your risk tolerance, time horizon, and unique objectives. Whether planning for retirement, managing your investments, or seeking comprehensive financial guidance, we are here to provide solutions that put your best interests first. Serving clients in Gilbert, Chandler, Maricopa, and throughout Arizona, we are committed to delivering transparent, client-centered service.

At J. Martin Wealth Management, serving retirees across Gilbert, Chandler, Gold Canyon and Maricopa, we share these weekly insights to help you understand market movements and how they may impact your retirement plan.

The following commentary was authored by Vance Howard, CEO of Howard Capital Management, Inc., as of the date noted. It reflects his personal views and does not represent the views or recommendations of J. Martin Wealth Management or Wealth Watch Advisors. References to specific index levels reflect HCM’s internal strategy and are not personalized investment advice for any reader of this page. Past performance of the HCM Buy-Line® is not indicative of future results.

Superstition Mountains with Global Weekly Summary Title

Howard Capital - Global Weekly Summary

Market Update: Peace Hopes and Bank Earnings Fuel U.S. Stock Rally

April 17, 2026

  • Posted By: Editorial team

Weekly Market Snapshot

Global markets posted modest gains over the week on hopes of de‑escalation in the U.S.–Iran conflict, though Asian and European equities stayed subdued amid concerns that the U.S. blockade of the Strait of Hormuz could slow global growth. Oil prices eased on reduced near‑term supply fears. Luxury stocks fell on weaker Middle East demand. Technology companies and banks reported strong earnings or growth outlooks despite geopolitical and regulatory headwinds. U.S. markets digested economic data, solid bank earnings, and optimism around Middle East peace, supported sentiment, with major banks posting strong trading and investment banking results. Corporations like PepsiCo and Meta are delivering positive news, and overall markets are balanced, easing inflation signals against lingering geopolitical risks.

In global geopolitics, President Trump announced a ten-day ceasefire between Israel and Lebanon. President Trump also expressed his optimism for a possible end to the U.S.-Iran war, claiming Tehran had agreed to curb its nuclear ambitions, supply “free oil,” and reopen the Strait of Hormuz. Iran is yet to confirm these assertions. The U.S. also initiated a blockade of the Strait of Hormuz to pressure Iran into negotiations, after negotiations between U.S. Vice President JD Vance and Iranian representatives failed in Pakistan. China characterized the blockade as “dangerous and irresponsible”.

Weekly Market Movers — Key Highlights

  • Geopolitical optimism lifted global and U.S. equities, as hopes of easing U.S.–Iran tensions offset concerns over energy supply disruptions.
  • Strong U.S. bank earnings powered markets higher, with major lenders posting double‑digit gains in profits, trading revenues, and investment banking fees.
  • Oil prices slipped toward $93 per barrel, reflecting reduced near‑term supply fears despite continued risks from the Strait of Hormuz blockade.
  • AI-driven growth stories stood out globally, with standout results from TSMC, ASML, and Novo Nordisk’s AI partnership boosting investor interest amid mixed regional trends.

Global Updates

  • The MSCI All Country World Index rose over the week, as global equities recovered due to the hopes for a resolution to the U.S.-Iran war. However, Asian and European markets remained subdued over the week. The U.S. blockade on the Strait of Hormuz however amplified concerns of a global economic slowdown. However, the announcement of the Israel-Lebanon ceasefire by President Trump partially alleviated investors’ concerns globally.
  • The U.K. economy rose by a higher-than-expected 0.5% in February
  • EasyJet has reported a £25 million ($34 million) surge in fuel costs due to the U.S-Iran war, which has led to a decline in customer bookings.
  • Finance Minister Satsuki Katayama announced plans to support acquisition of energy supplies by Asian countries, utilizing a 600 billion yen ($3.8 billion) fund by the Japan Bank for International Cooperation.
  • Stocks of luxury brands dragged following reports of declining revenues from the Middle East. Kering reported a 11% decline in first-quarter retail revenue from the Middle East following the U.S.-Iran war. Shares of Hermes, LVMH, and Christian Dior also dragged following this news.
  • Dutch technology firm ASML reported a strong first-quarter net profit of €2.8 billion on a higher-than-expected net sales of €8.8 billion. The company also raised its projected net sales for 2026 to the €36 billion to €40 billion range. The company’s stock, however, was dragged down due to export restrictions on the company’s sales to China.
  • Novo Nordisk's stock price rose after the company announced a partnership with OpenAI to utilize AI to analyze data for optimizing drug discovery and the deployment of treatments to patients.
  • TSMC reported a higher-than-expected 58% surge in its first-quarter profit of $18.2 billion on a 35% (year-on-year) higher revenue of $35 billion. The company projected 30% higher full-year revenue driven by the growing AI-based demand for its chips. TSMC also raised its 2026 capital expenditure estimate to $52 billion-$56 billion.
  • Crude futures dropped toward $93 per barrel as optimism over a potential deal with Iran and a 10-day ceasefire between Israel and Lebanon eased immediate supply fears, despite ongoing blockades and warnings of long-term output disruptions.

U.S. Equity

  • U.S. equity markets advanced for the second consecutive week, with all major indices rising amid cautious optimism around the possibility of peace in the Middle East. The ten-day Israel-Lebanon ceasefire added to market optimism as investors digested economic data along with corporate earnings reports. Over the banking earnings week, banks reported gains from the debt financing of capital expenditure by technology firms.
  • Producer Price Index rose by a lower than expected 0.5% and Core PPI by 0.2% in March.
  • PepsiCo’s first-quarter net income of $2.33 billion and adjusted EPS of $1.61 on a quarterly revenue of $19.44 billion beat expectations. Pepsi also reported higher sales volumes over the quarter for the first time in two years, attributed to 15% price cuts on its products in North America.
  • Aehr Test Systems’ stock rallied after the company reported a record $41 million order for its semiconductor testing devices.
  • Meta stock rallied after the company announced a partnership with Broadcom for the development and production of custom AI chips for Meta’s AI data centers.
  • Bank of America reported a 13% jump in first quarter sales and trading revenue to $6.4 ​billion in the first quarter. The bank also reported 21% higher ​investment banking fees of $1.8 billion over the quarter.
  • Morgan Stanley stock rallied after the bank reported 29% higher first-quarter profit of $5.57 billion on a higher-than-expected revenue of $20.58 billion. Trading revenues were 25% higher at $5.15 billion, while Fixed income revenues were 29% higher at $3.36 billion.
  • Goldman Sachs reported a 19% higher EPS of $17.55 on a 14% higher first quarter revenue of $17.23 billion. The bank also reported 27% higher equities revenue of $5.33 billion and 48% rise in investment banking fees to $2.84 billion. The bank’s fixed income revenues declined by 10% to $4.01 billion.
  • Wells Fargo posted a Q1 net income of $5.25 billion and trading revenue of $1.35 billion on a lower-than-expected revenue of $21.45 billion. Wells Fargo also announced plans to layoff 5,000 job employees.
  • JPMorgan Chase posted a 13% higher first-quarter EPS of $5.94 on 20% higher revenue of $11.6 billion. Fixed income revenue rose by 21% to $7.1 billion and equity income by 17% to $4.5 billion.

Fixed Income

  • The Bloomberg U.S. Aggregate Bond Index rose over the week.
  • The U.S. 10-year Treasury yield rose slightly to 4.305%, and the yield on the 2-year note dipped slightly to 3.775%.
  • The U.S. Dollar Index fell slightly to 98.2 over the week.

Chart data below reflects market conditions as of the date shown. It is provided for illustrative purposes in connection with the commentary above and does not represent current market conditions. It should not be used as the basis for any investment decision.

Wealth Watch: From the desk of Vance Howard

Is the Iran Impasse a Bullish Case for Brazil?

Posted By: Vance Howard - April 13, 2026

The markets moved higher last week on hopes of a ceasefire in Iran, and just when you thought things might be starting to calm down, news that no deal was struck came out of the meetings with Vice President Vance and the Iranians. On Saturday, Vice President JD Vance and the U.S. delegation met face-to-face with their Iranian counterparts in Islamabad, Pakistan, but failed to reach an accord after 21 hours.

Vance said in a brief appearance before leaving Pakistan, “They have chosen not to accept our terms.” He said Iran refused to commit to “not seek a nuclear weapon.” The last part, that they would not commit to NOT seeking a nuclear weapon, is disturbing to say the least. It lets you know exactly what their intentions are.

President Donald Trump said Sunday that the U.S. Navy would “blockade” the Strait of Hormuz. The U.S. military is set to halt ships traveling to and from Iranian ports starting Monday morning.

We think that the markets have bottomed, in all probability, but the extreme volatility has not. The trend is trying very hard to firm up and turn back to an uptrend, which could happen any day now. However, as you can see from the futures market this morning, news-driven swings are the current norm.

CWB – SPDR Barclays Convertible Securities ETF

Look at the SPDR Convertible Bonds ETF (CWB), which broke out last week, along with MaxLinear, Inc. (MXL) and TTM Technologies, Inc. (TTMI). We think that Brazil, via the iShares MSCI Brazil ETF (EWZ), is also looking very interesting – with significantly higher upside if a commodity bull persists. While oil has driven recent gains, Brazil’s equity performance is supported by broad commodity exposure, including iron ore, agriculture, and metals.

MXL – Maxlinear Inc Nasdaq GS
TTMI – TTM Technologies Inc Nasdaq
EWZ – iShares MSCI Brazil Capped ETF

We believe valuations remain compelling, with Brazil ranking near the top of the ACWI scorecard. Key risks include a sharp oil price decline, ineffective or stalled easing, and weaker-than-expected demand from China.

Breadth has improved but is far from breadth thrust levels that have given all-clear signals in the past.

As expected, a double-digit surge in energy prices drove up inflation in March, the first month of the Iran war. The Consumer Price Index (CPI) jumped 0.9% from the prior month, the most since June 2022. Over three-quarters of price growth was attributed to a 10.9% rise in the energy CPI, the most since September 2005, surpassing the increase in the wake of the Russian invasion of Ukraine.

Gasoline prices jumped 21.2%, a record since data started in 1967. Fuel oil soared 30.7%, the most since February 2000. Electricity prices also continued to rise. The only offset was a decline in natural gas prices.

The HCM-BuyLine® Explained

Curious how the HCM-BuyLine® works—and whether it fits your investment strategy?

The HCM-BuyLine® is a proprietary, rules-based investment tool designed to help manage portfolio risk by using market momentum indicators. Instead of relying on emotional decision-making, the BuyLine® uses quantitative data to signal when to reduce equity exposure and when to re-enter the market. This can help protect capital during major downturns and participate in uptrends when conditions improve.

For investors seeking an alternative to traditional buy-and-hold strategies, the HCM-BuyLine® offers a more dynamic, tactical investment approach. Its methodology may be especially valuable during periods of volatility or economic uncertainty.

Have you seen this kind of strategy from your current financial advisor? Are you looking for an investment philosophy that adapts to changing market conditions?

At J. Martin Wealth, we believe in aligning your financial plan with tools that are built to adapt. The HCM-BuyLine® is one example of how data-driven investing can support long-term goals while managing downside risk.

Frequently Asked Questions

Q: What is the HCM-BuyLine and how does it work?

A: The HCM-BuyLine® is a systematic, rules-based investment indicator developed by Vance Howard at Howard Capital Management. It uses quantitative market data to signal when to reduce equity exposure during downturns and when to increase exposure during uptrends. Rather than relying on emotion or guesswork, the BuyLine® follows predetermined criteria to help manage portfolio risk. Think of it as a disciplined framework for deciding when to be more defensive (holding cash) or more aggressive (holding stocks) based on current market conditions. It's designed to help protect capital during major market declines while participating in growth when conditions improve.

Q: Is tactical investing right for retirees?

A: Tactical investing strategies can be suitable for certain retirees, particularly those concerned about sequence-of-risk—the danger of large losses early in retirement. For retirees who are drawing income from their portfolio, avoiding major market downturns can be especially valuable since you don't have decades to recover. However, tactical strategies are not right for everyone. They involve more active management than traditional buy-and-hold approaches, and past performance does not guarantee future results. The best fit depends on your individual risk tolerance, time horizon, income needs, and overall financial plan. We recommend discussing tactical strategies with a fiduciary advisor who can evaluate whether they align with your specific retirement goals.

Q: How is this different from what most financial advisors in Chandler or Gilbert offer?

A: J. Martin Wealth Management offers tactical strategies, such as those available through Howard Capital Management, as one option among several. Whether a tactical or more passive approach is appropriate depends on an individual client’s goals, risk tolerance, time horizon, and financial circumstances. We recommend discussing any strategy with a fiduciary adviser to evaluate suitability. The HCM-BuyLine® approach is tactical, meaning it attempts to reduce equity exposure during unfavorable market conditions and increase exposure when conditions improve. This doesn't make one approach "better" than the other—they serve different objectives. Buy-and-hold is simpler and works well over very long time horizons. Tactical strategies like HCM aim to reduce volatility and manage downside risk, which can be especially important for retirees who can't afford to wait years for a portfolio to recover. At J. Martin Wealth Management, we believe in matching the strategy to the client, not forcing every client into the same approach.

Q: Does the HCM-BuyLine® guarantee that I won't lose money in a downturn?

A: No. The HCM-BuyLine® is an investment tool designed to help manage risk, but it does not eliminate risk or guarantee results. All investing involves the potential for loss, including loss of principal. Tactical strategies attempt to reduce exposure during declines, but market conditions can change rapidly, and there may be delays in executing portfolio adjustments. Additionally, moving to cash during downturns means you might miss some recovery gains if the market rebounds quickly. There are trade-offs with any investment approach. The HCM-BuyLine® has been used since 1996, but past performance is not indicative of future results. It's a tool, not a guarantee, and should be evaluated as part of a comprehensive financial plan.

Q: Can I invest with Howard Capital Management directly, or do I need to work through J. Martin Wealth Management?

A: Howard Capital Management is an institutional investment manager based in Roswell, Georgia, and they primarily work with financial advisors rather than directly with individual investors. At J. Martin Wealth Management, we have access to Howard Capital Management strategies as one of several investment approaches we can incorporate into client portfolios. We serve as your fiduciary advisor, building a comprehensive financial plan tailored to your situation, and when appropriate, we may recommend tactical strategies like those offered by Howard Capital Management. Working with us means you get personalized advice, local service in Chandler and Gilbert, and a financial plan that goes beyond just investment management—including retirement income planning, Social Security optimization, tax strategy, and more.

Q: I'm retiring soon in Gilbert—should I be worried about this market volatility?

A: Market volatility in the years immediately before and after retirement is something to take seriously, but worry isn't productive—having a plan is. This period is when you're most vulnerable to sequence-of-returns risk, meaning poor market performance early in retirement can significantly impact your long-term financial security. If you're within 2-3 years of retirement and haven't stress-tested your plan against market downturns, now is the time to do so. Consider questions like: Is your asset allocation appropriate for your timeline? Do you have enough cash reserves to avoid selling stocks in a down market? Are you maximizing Social Security timing? Do you have a tax-efficient withdrawal strategy? These are the conversations we have every day with pre-retirees in Gilbert, Chandler, and across the East Valley. If you'd like a second opinion on your retirement readiness, we offer complimentary consultations to review your situation and discuss whether your current plan accounts for market risk.

Still Have Questions?

Market volatility and investment strategies can be complex. If you'd like to discuss how tactical investing or other risk management approaches might fit into your retirement plan, we're here to help.

Schedule a complimentary consultation with J. Martin Wealth Management:

(480) 630-6177

Serving Chandler, Gilbert, Maricopa, and Gold Canyon.

Disclosure: This FAQ is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. The HCM-BuyLine® is a proprietary indicator and does not guarantee investment results. All investing involves risk, including potential loss of principal. Please consult with a qualified financial advisor to discuss your specific situation.

The HCM-BuyLine® is a proprietary indicator and does not guarantee investment results or prevent losses. All investing involves risk, including the potential loss of principal.

Ready to Learn More?

Schedule a complimentary consultation to explore how the HCM-BuyLine® and other tactical strategies may fit into your overall investment plan.

Book Your Appointment Now

Vance Howard – CEO, Howard Capital Management

Who is Vance Howard?

Vance Howard embarked on his professional career in the financial industry in 1992, establishing Chartered Financial Services, Inc. He subsequently founded Howard Capital Management, Inc. in 1999, a fee-only Registered Investment Advisor. Mr. Howard brings expertise in the analysis, creation, and execution of diverse trading strategies.

Prior to his focus on financial services, Mr. Howard founded Delta Waste Services in 1988, a waste management company he later sold in 1992. Additionally, he co-published investment-focused newsletters, "The Savvy Investor" and the "SI Intermediate-term Trader", which garnered an international readership across over 25 countries between 1992-1999.

Demonstrating a commitment to community, Vance has served on the Huntsville, Texas city council for four terms, including two terms as mayor pro tem. His civic involvement extends to roles such as Huntsville's City Finance Chairman, Chairman of the Huntsville/Walker County 911 Emergency Service, and board positions on the Houston/Galveston Economic Development Council and the District 910 Legal Grievance Committee. He is a former President and active member of the Huntsville Rotary Club.

Outside of the professional sphere, Vance collaborates with family members in the operation of the Bar C Ranch in Madisonville, Texas, where they specialize in raising registered longhorn cattle. His leisure interests include travel with his wife and children, cycling, kayaking, scuba diving, and hiking.

“We aim to take emotion completely out of the equation. Trading with emotions, in our opinion, ruins long-term returns.”

— VANCE HOWARD, CEO + PORTFOLIO MANAGER

Disclosure:

Howard Capital Management, Inc issues this communication. It is for informational purposes and is not an official confirmation of terms. It is not guaranteed as to the accuracy, nor is it a complete statement of the financial products or markets referred to. Opinions expressed are subject to change without notice. Howard Capital Management, Inc. may maintain long or short positions in the financial instruments referred to and transact as principal or agent. Unless explicitly stated otherwise, this is not a recommendation, offer, or solicitation to buy or sell, and any prices or quotations contained herein are indicative only. To the extent permitted by law, Howard Capital Management, Inc. does not accept any liability arising from using this communication. Howard Capital Management is an SEC-registered investment advisor that only does business where it is properly registered or is otherwise exempt from registration. SEC registration does not constitute an endorsement of the firm by the Commission nor indicates that the advisor has attained a particular skill or ability. Past performance is no guarantee of future results.

This newsletter is a publication of Howard Capital Management, Inc. It should not be regarded as a complete analysis of the subjects discussed, nor should the newsletter be construed as personalized investment advice. All expressions of opinion reflect the author's judgment as of the publication date and are subject to change. It should not be viewed as legal or tax advice. Always consult an attorney or tax professional regarding your legal or tax situation. There can be no guarantee that the HCM-BuyLine® indicator will perform as anticipated. Stop-loss protection will not necessarily limit your losses to the desired amounts due to the limitations of the HCM-BuyLine®, market conditions, and delays in executing orders. It is not an actual stop-loss order that automatically sells securities in the portfolio at a certain price.

Past performance is not indicative of future results. The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable, though its accuracy is not guaranteed, and J. Martin Wealth Management makes no representation or warranty as to the accuracy or completeness of the information, which should not be used as the basis of any investment decision. Information contained on third-party websites that J. Martin Wealth Management may link to are not reviewed in their entirety for accuracy, and J. Martin Wealth Management assumes no liability for the information contained on these websites. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form or referred to in any other publication without express written permission from J. Martin Wealth Management. For more information about J. Martin Wealth Management, including our Form ADV brochures, please visit https://adviserinfo.sec.gov or contact us at 480-630-6177.