I don't like September and I am not a big fan of October, but we're in better shape than you might think.
Things sure look different from Italia! Yes, I do take vacations. And yes, they almost always lead to dramatic declines that have me called back or called in. Not this time. This time it was a rout. An oversold rout as, once again, the S & P Short Range Oscillator got it right: We were at the outer limits of a very oversold market. My favorite market indicator was at minus 7.82% on Friday after a wicked few weeks. The excellent news here? We are still oversold at minus 5.
The excellent news here? We are still oversold at minus 5.78%, which is usually the sign of a powerful rally with more room to run, rather than one that is running out of gas. That's rather amazing given the proximity of the Federal Reserve's next rate-hike decision in two weeks, and a couple days from the next Consumer Price Index release on Tuesday.
Still, I like that setup. It's why we bought so much and continued to buy with the exception of some highly profitable trims in the oils.
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