9-11, Queen E, Greenback & What August Portends
Before I dive into the matters at hand, yesterday was 9-11. Every year, either live or DVR, I watch the names being read of those lost and listen for my old friends’ names. It’s a solemn reminder to Never Forget and as a firm continue to support top notch 9-11 charities like Tunnel to Towers. As we have in the past, we will donate 100% of the profits for the day to these causes on behalf of our clients. 35 […]
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Date: September 12, 2022
For The Economy, The Worst is Yet to Come
In my last update on Tuesday, I spoke about how crummy the stock market looked but that it was oversold enough to bounce this week. In addition, I said that when August closes weak, the odds heavily favor a post-Labor Day bounce. And the market has had a nice week for the bulls with pre-market showing good gains to begin the day. While the S&P 500 may have room to move up to 4100-4150, I do not believe the September […]
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Date: September 9, 2022
Deluge
Labor Day weekend in New England is always bittersweet as the unofficial end of summer and back to school. The drought-stricken Northeast is finally getting some relief and currently in a deluge. I think we have 5 inches of rain so far and it’s still coming down in buckets. The stock market has been no different of late with a deluge of its own, falling almost 9% since the mid-August peak and back to down 19% on the year. Some […]
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Date: September 6, 2022
September is a Cruel Month
The cruel month of September is here and it’s uglier when the month begins in a downtrend like it is now. August ended up working out similar to what I wrote about a month ago. On average September is down more than 1% with 50 out of the last 90 being lower overall. In a downtrend, 27/38 have been lower with losses exceeding 3%. In midterm election years, 60% of Septembers have been down. If you’re looking for a bright […]
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Date: September 2, 2022
Powell Hangover Continues
The risk markets continue their post-Powell decline from Friday. The S&P 500 has just about reached its short-term downside target of roughly 3950, but we have not seen a solid attempt at a low just yet. Last week I was concerned about the poor action in junk bonds and that continued this week, so much so that we were forced to unwind our various positions at the same time as we were reducing stock market exposure. August ended up playing […]
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Date: August 31, 2022
Powell Pours Cold Water on The Markets
On Friday, I came in with a very specific plan for the day. I was looking to be a seller overall, but I really wanted to see how the markets reacted to Fed Chair Jay Powell’s speech rather than what he actually said. First, I was surprised at just how hawkish and stern his remarks were. I kept waiting for the “but” or “however” which never came. He never even hinted at the elusive soft landing like we saw in […]
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Date: August 29, 2022
Is Your 401(k) Taking on Too Much Risk?
People may envision themselves sitting on a beach and sipping Mai Tais when they think of retirement. This isn’t a bad image, but it isn’t complete—unless you have a plan to fund your golden-years income. I know what you’re thinking: “Retirement? Who cares about that? It’s so far away.” The problem is that if your 401(k) isn’t reviewed often enough, your future income could be significantly less than you are expecting to live on. So, let’s explore why it’s important […]
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Date: August 29, 2022
All Eyes on Powell
Today is the big day when we hear Fed Chair Jay Powell speak from the KC Fed’s symposium in Jackson Hole, Wyoming. I wonder if he will take the beautiful hike to Jenny Lake or visit the Million Dollar Cowboy Bar in town? I love Jackson. It’s such a great place although the rich and famous seem to have discovered it this century and prices have skyrocketed. Disappointingly for the bulls, markets have rallied into his speech. I would have […]
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Date: August 26, 2022
Skunked
It was a fantastic start to my evening. We finally got some rain. The Yankees were up 2-1 over the Mets. My good friend got some really great, I mean generational news. Then the Yankees blundered followed by a loud scream at the house. Not one, but both dogs got sprayed by a skunk. Not our first skunk rodeo. We cordoned them off in the mud room, the dogs not the Yankees who eventually won. Off to the store I […]
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Date: August 24, 2022
Pullback Area About To Be Reached – Banks Trying
Boy, when the S&P 500 crashes into its average price of the last 200 days that is really like a 12 foot thick, impenetrable concrete wall that no market can even get through. Those nasty bears. Yes, I am of course being sarcastic. The Dow Industrials, S&P 400 and Russell 2000 did not even flinch on their way through those respective levels. With today’s sharply lower open on the heels of a very heavy day last Friday, the stock market […]
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Date: August 22, 2022
