Finally, a frisson of fear that The Donald could actually win this thing, or at least create chaotic
post election uncertainty. And, of course, it's Fed policy decision week. So, there was strain in
the market today, and short term 'double bottom" support at 2125 was violated, leaving the market
in corrective mode. SPX Daily
The chart indicators show a down trending market and an approaching oversold. However,
on a price momentum basis, the SPX is at a very shallow oversold and could fall another 5%
in the very short run before it gets hefty.
The economy has gradually firmed in recent months, thus giving the Fed a little more cover if
it would like to raise the FFR% another notch. Current indicator benchmark standards are not
up to post WW 2 standards, but are headed, albeit slowly, in that direction.
Trump? The guy is an egomaniac and a demagogue and scares many bright, worldly people.
If he is starting to surge in the closing days of this abysmal election, there could well be
preemptive defensive action that I would not care to guess beyond saying that gold could
have a bounce.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!