Partially made up for todays bullish session. The dow gained 76. S p jumped 0. 72 . And the nasdaq too. We have to ask ourselves what could get us to make up the rest of the lost ground . I think first we need to analyze the proximate causes behind the decline. There are a lot of competing explanations out there. We have to get to the bottom of this. Many people are blaming this selloff on the fed. I need to disagree here. The fed stayed the course at this meeting they had, didnt do anything different from what anybody expected. A predictable event. That went off without a hitch. Dozen cause a 2 decline. Plus, its not like the closely watched ten year treasury jumped on last weeks fed meeting. It was basically wall street speak for unchanged. Sure, you can argue that the employment number on friday was pretty strong. It doesnt help. It doesnt illuminate anything. So many hedge funds want rates to go higher so they can make more money off the short position. The betts against the market
The president s, and maybe the geopolitical tensions and more sanctions against russia. Whatever, the day sure felt ominous. The s p giving up. 48 and the nasdaq dropping half a percent. Giving that the marks have turned treacherous here, whats the game plan . I think we have to raise a little cash to handle this newly punishingen viern am. You know ive been saying dont put new money in. Im tepid here. Many companies are reporting pretty decent numbers and not being rewarded for their efforts like starbucks today. I have to tell you that makes me uncomfortable. For example, next week we hear from cummins, cmi. Its one of americas greatest industrial manufacturers, columbus, indiana. Fantastic. My Charitable Trust which you can follow on Charitable Trust opinion com, but you know what . We took profits this week after caterpillar which has a similar profile got hit when it reported a decent number. I like cummins much more than cap, but i dont like the action that buyers have begun to r