Morning Commentary
Yesterday, there were a lot of ebbs and flows, but in the end, the market actually found buyers at the precise moment it looked down for the count. This reverses the pattern that has befuddled investors for weeks. Selling into the close was replaced by buying.
Also, lots of green on the screen, especially those mega-cap names.
Abandoned (Safety) Ships
Investors climbed out of those safe haven sectors and made the rounds in cyclical names. This makes sense if the Fed is correct about the economy.
Seasonality
If this year continues to track along the course of history, this will be the last ‘bad’ week for the market and worth hanging in there – with the right names.
Costco (COST) has a major report today.
But it is still all about economic data.
Portfolio Approach
There are no weighting changes to the Hotline Portfolio this morning.
Today’ Session
There is lots of nervous chatter in the air from government shutdown to the impact of strikes, and even talk of Fed funds moving to 7.0%, which is so farfetched it’s a shame it’s a headline moving markets this morning.
But somehow it came up in a conversation with Jamie Dimon and the computer algorithms immediately reacted. We will not take the bait.
This is a slippery period for the market, so let’s keep our wits, and some cash, and watch it play out, and zero in on opportunities that develop.
Comments |
SPX....Gettin closer to that 200day MA pivot point, Charles. Is that the critical one? Nah, maybe it's the "death cross" that 50day sure looks ugly and oh! My! Look at that downward trajectory as it heads south!! Charles A Haselberger on 9/26/2023 1:40:16 PM |
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