The Nasdaq Composite made news last week, moving past the 4,000 mark for the first time in 13 years. But, according to Russ, the current trip above the 4,000 level looks quite different from what was happening in 1999 and 2000.

Stock market volatility remains unusually low. While this is partially justified by loose credit conditions and strong market momentum, the drop in volatility looks exaggerated and suggests investors are becoming too complacent.

Despite an improving labor market, household spending isnt picking up enough to fuel a faster U.S. recovery. This missing ingredient of the economic recovery is to blame, says Russ.

Inflation remains close to historic lows, not just in the United States but also in other large developed markets. Russ explains why this is the case and what it means for investors (hint: low-for-longer rates and another reason to consider underweighting Treasury-Inflation Protected Securities (TIPS)).

For investors on the sidelines of the equity market, Russ offers his take on which market segments to consider now and which to remain cautious of.

Last week brought evidence that while the U.S. recovery is uneven, its happening. For investors, the big takeaway is to remain cautious on interest-rate sensitive assets. Russ explains.

Despite the hype surrounding Twitters IPO, technology is a very different industry today than it was fifteen years ago. While a few high profile companies are making headlines, the sector is no longer a growth story. Nevertheless, tech still looks attractive as a value play.

Russ explains why the U.S. economy is starting to look like a two-speed economy and what this means for investors.

Russ explains why the U.S. economy is starting to look like a two-speed economy and what this means for investors.

Japan has been the land of rising stocks this year -- Japanese equities are up nearly 40% year-to-date. Russ explains why he believes the market offers more upside potential and a near-term opportunity for tactical investors able to hedge the currency exposure.

The basic takeaway from last weeks economic data seems to be that were still in a world of 2% US economic growth with little evidence of a pickup. Yet stock markets have advanced and can move higher over the next six to 12 months? Russ explains why.

Despite appreciating more than 10% over the past year, home prices still look reasonable and housing affordable. However, while there is little risk of another housing bubble, a significant pickup in interest rates could dampen housing activity and by extension, the recovery.

With the threat of a default merely pushed out a few months, many investors continue to allocate to so-called defensive investments. However, because going defensive is not a free lunch, Russ says its important for investors to consider three aspects of their potential defensive postures.

Last week, investors cheered that Washington finally reached a last-minute debt ceiling deal. But despite their big sigh of relief, the debt ceiling deal wasnt all good news. Russ provides a quick look at the good, the bad and the investing implications of the compromise.

A deal to extend the debt ceiling and reopen the government is emerging. If it passes by tomorrow or shortly thereafter, the economy and markets will be spared the worst case scenario of a technical default. However, Washingtons inability to strike a more substantial bargain will have negative repercussions, over both the short and long term.

Russ offers more evidence supporting his preference for equities over bonds: Historically equities have tended to outperform bonds on a monthly basis in a growth and inflation scenario like the one were in today.

Russ reviews how the third quarter shaped up vs. his expectations, noting which calls he got right and which he got wrong, and he updates his outlook for this quarter.

Russ K. explains the good news behind his recent upgrade of the global financial sectors as well as the bad news keeping his sector outlook somewhat subdued.

The Feds decision to delay tapering is an implicit acknowledgment that the labor market is far from healed. Russ explains why the labor market is likely to continue to frustrate the Fed and gives two implications for investors.

The Feds surprise no-taper announcement confirmed Russ expectation that the global recovery remains soft and that interest rates are likely to remain contained this year. What does this mean for investors? There are four implications for asset allocations, says Russ.

Five years after the Lehman bankruptcy, the proximate causes of the 2008 crash are no longer threats. But while the risk of another imminent financial system crisis has abated, there are two major issues that foretell a coming retirement funding crisis.

After the Fed announcement next week, market attention is likely to shift toward Congress for the remainder of the fall. According to Russ, four key issues up for debate have the potential to add to near-term volatility.

Russ explains the two key unresolved issues that are keeping his view of European stocks somewhat cautious, and he gives the next signposts to watch to gauge whether any near-term resolutions are likely.

As Russ expected, both equity and bond market volatility have risen in recent weeks. Russ explains why this rocky road is likely to continue, and he provides two ideas for potentially insulating portfolios amid volatility.

While the overall US economy is healing, the labor markets recovery continues to be frustratingly slow. Fridays payroll report suggests investors should prepare for a less aggressive Fed, a more muted backup in interest rates and a bond market that can go up as well as down.

When will we see a significant and prolonged reversal in emerging markets (EM) stock performance? Russ says to watch for four signposts that could signify the EM underperformance tide is turning.

A further escalation of violence in the Middle East will not only have a terrible human toll, it could also lead to rising oil prices, which in turn could hurt consumers and the global recovery. Russ explains the situation and shares how investors can prepare.

Given recent signs that the eurozone economy is stabilizing, is it time to consider European equities again? Russ explains why his answer is a qualified yes.

While Russ doesnt foresee a bond market meltdown, he does expect that rates will rise in coming years and he offers three suggestions for positioning equity portfolios in preparation.

It can be hard to invest rationally when markets are volatile, but Russ is expecting markets to be just that come September. Knowing that market volatility can lead to bad investing behaviors, Russ highlights three behaviors to avoid during the potentially rocky road ahead.

Many investors remain fixated on whats happening in the United States -- and particularly on what the Federal Reserve will do -- but Russ explains why they shouldnt lose sight of whats happening abroad.

Since spiking earlier this summer, market volatility is now back to spring lows. Investors, however, shouldnt expect this calm to continue come September. Russ has four reasons why.

Many investors who remain cautious on gold wonder whether they should get their precious metal exposure through silver instead. In response, Russ explains why the two metals arent interchangeable.

Russ explains why its time for investors to change how they think about China, and he explains why theres a strong case for viewing the Chinese market as a value -- rather than a growth -- play.

Russ has long advocated that investors remain cautious on consumer discretionary stocks. After last weeks weak economic data, he updates the case for this call.

At a time when investors are worried about Chinese banks and Brazilian riots, investing in the riskiest areas of the emerging world seems counterintuitive. But according to Russ, there are four reasons why many investors should consider having a small allocation to frontier markets.

Can stocks move higher? What are the best opportunities now in stocks and fixed income? Russ answers these questions and others in an update to his mid-year outlook.

Stocks can withstand moderate rate increases, as we saw last Friday when they rallied despite a sell-off in bonds. But Russ K warns that they may not withstand these three other scenarios.

No, says Russ. While Russ still believes that gold should be a part of a diversified portfolio, he explains why he advocates trimming holdings of the precious metal.

Crude oil has proven more resilient and less volatile this year (depending on which benchmark you use, it is either up or down in the single digits) than most other commodities. There are three main factors behind this.

Its halftime halfway through the year. That means Russ is looking back at what he got right and wrong in the first half of the year, and updating his expectations for the remainder of 2013.

Russ offers two ideas one perhaps obvious and one perhaps not for investors looking to potentially benefit from the US energy renaissance.

Despite stocks recent declines and the rocky road ahead, Russ explains why he still prefers equities over bonds.

Although defensive sectors are back to outperforming cyclical sectors amid Junes market volatility, Russ still believes theres a strong case for preferring cyclicals or at least select cyclicals

Even if the Fed scales back its pace of bond purchases later this year, Russ explains why investors shouldnt expect rates to finish the year much higher than where they are today.

While Europe is not out of the woods yet, Russ is less concerned about the Spanish market.

As bond yields rise, is it time to flee dividend stocks? Russ explains why the answer is, no, at least when it comes to international dividend payers.

While the jobs report on Friday merely confirmed that the recovery continues to chug along slowly, it does have six implications for investors.

Is it time to abandon underperforming emerging markets in favor of bets closer to home? Clearly no, says Russ and he explains why.

Two contradictory investor concerns are to blame for a recent pickup in market volatility. Russ explains which of the concerns is premature and what that means for investors.