| Hey y’all!
Happy Friday! We’ve earned it this week.
The markets seem to be correcting and heading lower this morning (I’m writing about 10:30 AM ET).
This chart is of the SPY…
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If the trend continues and we close below Friday’s low, it will certain be a sign that there’s more potential downside pressure.
The bullish momentum of the White House Wave dried up quickly this year. We gapped up massively after the election and had a few strong days after that, but, unfortunately, this week has been disappointing.
During his speech yesterday, Fed Chairman Powell said that the Federal Reserve doesn’t need to be “in a hurry” to cut interest rates, which could have further spooked investors after the so-so CPI print on Friday.
It’s hard to get a read on the economy right now. One symbol is positive, the next negative, the next mixed. It’s down to personal opinion at this point.
Ironically, one of the strongest bullish voices out there is Bill Ackman, who thinks the business environment post-Trump reelection will be strong:
“Business confidence is a self-fulfilling prophecy. Business leaders are becoming more confident about the country and the economy. This means they will be making more investments in our future, which will drive the economy and the stock market, reducing the cost of capital and bolstering confidence further, catalysing more investment and more growth in a self-reinforcing, virtuous cycle.”
Which vision will win out?
Right now, it’s hard to tell.
But the market will continue to react day by day, week by week as we get more information.
I still think the overall sentiment will remain bullish for a while, but there will be corrections like this week along the way.
Hopefully you took some profit and didn’t take too much damage. If you got caught on the chin, just remember, it all starts again on Monday.
Enjoy the weekend. If you’re watching Tyson vs. Paul tonight, have fun. If you’re smart enough to ignore it, well… you’re smarter than me.
To your prosperity,
Stephen Ground
Editor-in-Chief, ProsperityPub
P.S.: Speaking of weekly resets, one reason I love Nate Tucci’s Automated Options strategy is because every week is a brand new chance to target cash! Check out how it works here!
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