Meandering Market Thursday

The market deviating a bit today from the pre-Labor Day week pattern. $$


Yes the pattern calls for a relatively flat day, but negative. We are drifting a bit higher as I type on my iPhone.

What does it mean?

Well, if you've been reading awhile, you know I pay attention to history. Not that things will repeat exactly, but things do tend to look familiar. The pre-Labor Day week has been up in the past, and we are in the pay day period where money is put in 401k plans.

Everyone was warning about September. But the market took a 7% hit in August. The gloom was thick. So maybe a lot of September was priced in during August.

Another thought is that maybe this is just a sigh or pause in the selling.

Everyone is anticipating a gloomy jobs number tomorrow. It will be interesting to see if that's priced in and the Labor Day pattern overrides the gloom.