- Well, fridays tend to be profit taking days. Since the market has been in rally mode there are plenty of reasons to book some gains. Profits are profits. Also, we're now out of the first few trading days of the month, which tend to be strong due to monthly contributions to retirement portfolios. Next on deck, earnings season!
- The jobs report was light today, showing only 51K adds falling short of the 123K estimate. The economy is definitely slowing as the Fed rate hikes have taken effect. Why any Fed members are continuing to talk about inflation and the need to raise rates is beyond me. One Fed member voted for rate hikes at the last meeting! In addition, Fisher and Yellen are out there talking nonsense.
- Personally, I think the market is due for a pullback. But I thought so when I move some cash to the sidelines. The Black Box continues to give sell signals on semis and tech. Is it crying wolf? There has been no Sept-Oct seasonal swoon this year. So who has the next playbook?
- I'll keep this one to market thoughts and add more later, including this week's Pigskin Picks!
