Valens Equity Weekly Insights and Inflections for December 14, 2021

Company Specific Highlights & Insights:
BAH, BSX, CVS, GNRC, MO, PDCE, SWK, TWTR, TXN, URI

Aggregate ECF™ Trend Analysis:

Management confidence moderated significantly through 2021, after showing very bullish signals in the back half of 2020, coming out of the worst of the pandemic shutdown. Into August, the index appeared to be inflecting more negatively, though it has since reversed some in October. It remains at pessimistic levels, but possibly is inflecting positively again.