The next three weeks are among the rockiest, on a historical basis, of the entire calendar.
Wall Street's steadiness last week in response to several tidy excuses for skittishness raises this question.eased back just half a percent, holding within 1% of a record high, in a week that began with an oil-price spike following an attack on Saudi Arabia and included signs of technical stress in the overnight bank-funding market and a Federal Reserve meeting that did little to clarify the policy path ahead.
This could well be the case now, with many bullish observers pointing to the broad nature of the market's rebound from its anxious August pullback. The cumulative breadth indicator, a running tally of advancing versus declining NYSE stocks, reached a new record last week, which often precedes a new index high.
This chart of the advance/decline line into the middle of last week from one year earlier is central to the bull case among technical investors now. The S&P since then is up 2%, and now 10-year Treasuries are 1.8%, corporate debt yields near 3%, and the Fed holding an easing bias even after two rate cuts, suggesting a better relative valuation for equities assuming earnings forecasts don't fall apart in coming months.
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