The session has been anticlimactic, as one might imagine after such a remarkable session on Friday and last night’s barnburner of a football game. The fact is that the Monday after jobs reports are typically lackluster as investors try to regroup and markets grapple for outside impetus.
There is some resolve, it is clear. However, the buy-on-dips crowd not going to make its move with such a fractional pullback. Every sector is lower, with the safe-haven of utilities unchanged for the session. There are reports that Wall Street is trying to talk down the market but whenever Goldman Sachs publicly doubts the rally it gives me great confidence.
Nonetheless, we took profits on Disney as it was too big to risk when the company reports its results later this week. We will be holding onto that cash for the moment.
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