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I guess the “animal spirits” wanted to make sure we were paying attention after the three-day holiday weekend…
September is historically one of the weakest, and by some measures the weakest, months for stocks. They’ve managed September gains only around 41% of the time going all the way back to 1897.
Today we got a taste of that as markets re-price the impact of the Fed rate cuts due to kick in in a few weeks.
A strong barrage of selling hit stocks – flattening marquee growth and tech names, especially.
The stocks that are up right now are the classic defensive segments like consumer staples, utilities, and real estate.
From a bull’s perspective, I’m not thrilled to see the NASDAQ’s lower high and a Dow peak amid classic “flight to safety” conditions. I’d like to see support firm up and an attempted higher low this week.
Here’s how I see it…
