Good morning, let’s make this short and to the point.
There are times when there really is no near-term edge. Now is one of those times with the market having sold off the last three days. As you know, we have been looking for a tactical correction of 2-5% that sets the stage for the next intermediate-term leg higher toward our front-end loaded S&P 500 (SPX) 2020 target of 3350. The selling over recent days has removed a bit of the excess enthusiasm shown in our 4 key tactical indicators, but unlikely to be enough to kickstart a ramp higher.
I think this video from our CNBC spot yesterday does a nice job highlighting both our near-term tactical view into year-end coupled with our reasoning toward our bullish 2020 stance.
I cannot reinforce enough that the market has pulled back because of excessive optimism rather than the excuses of a weak ISM manufacturing report Monday or the Trade rhetoric yesterday. The market was set up for an interruption in the upside momentum, and these were simply excuses that acted as a catalyst. Have a great day and try not to get whipsawed financially or emotionally relative to political shenanigans.
Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.
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