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Date: September 25, 2018

Can the Bears Make Any Move?

While the Dow declined almost 200 points on Monday the other indices were down much less with the NASDAQ 100 closing higher, a good sign for the bulls. Overall participation was poor and the defensive sectors were hit the hardest which was little bit of a head scratcher. As I mentioned yesterday, this week is the weakest week of the year on a seasonal basis. It is also another down Monday with an opportunity for an up Tuesday. I mention this because since the market’s Q1 bottom almost every down Monday has been followed by an up Tuesday. If the bears finally make a stand and repel what looks to be early morning strength, that would be a tiny clue that the market’s character is changing, I remain in the pullback camp for the next few weeks as the window of opportunity is now open for some short-term weakness.

There are many short-term opportunities right now in gold, bonds and the euro. And all with the Fed beginning a two day meeting. Rates are going up 1/4% tomorrow.

That’s it for today. I am on the train to NYC to join CNBC’s Squawk Box at 8am followed by a full hour with the good folks at Yahoo Finance on their Midday Movers show.

Author:

Paul Schatz, President, Heritage Capital