It’ been an intriguing session that has seen some grit, but still, an overwhelming gravitational pull to the downside. At one point in the session, all the main market indices were in the green – this after the S&P 500 bounced off its 200-day moving average.
But that move into the green only lasted a nanosecond.
Now markets are drifting lower into the close, and that is generating an element of anxiety that hasn’t helped.
Key downside support points are intraday lows:
Meanwhile, traditional safe havens are holding up, especially staples, where pricing power is proving to be very appealing.
Next week, we get the moment of truth with the FOMC meeting. Some bears that have hated this market since 2009 are running around talking smack, and that has people even more unnerved, despite their dismal track record. But lots of great stocks are already oversold.
I always say that doesn’t mean they can’t go lower – but at some point, we pounce.
Have a great weekend. Stay safe.
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