Of a Government Shutdown and a debt ceiling crisis. Really, how were we down so little . S p backslide. O67. More importantly, nasdaq declining. Given our president was on earlier this evening. Talking about the federal workers that will go without pay, how we are entering a high moment for the house of government. Lets ponder why were barely down. Nasdaq being down a quarter of a percent after being up 25 for the 84 coming into thisception. Thats barely a selloff at all. First, we have to wonder whether there was something mechanical to happen. I told you endlessly the mutual funts funds like to own the biggest winners. Check your statements. They dont well you when they owned their stocks. You got to believe they are clairvoyant even. The hedge funds are below the mark after they bulk up the biggest stocks. This happens. They dont like the give up the ground and take it on previous days. I say i saw buyers flying in. Flying in, bidding the market. Underneath, when it opened up. They
The next minute its good. Oils bad. Sell, sell, sell. Wait. Oils good. Buy, buy, buy. Housing is horrendous. The house of pain. Wait a second. Housing is fabulous. Transports are awful. Or maybe theyre terrific. Hallelujah perhaps we should dispense with these sectorbased labels and Start Talking about individual managements, individual companies, and execution. This earnings season weve seen a remarkable divergence in individual sectors, more than weve seen in 25 years. We believe stocks in the sectors should trade in unison, were missing important opportunities to earn the stocks of companies that are deliberate. Rather than etfs meant to capture broadbased moves. Those arent working. Weve become so conditioned to playing certain trends with certain stocks that we forget sometimes the facts about the actual companies can get in the way of the stories. You know why that is . Its because the performance of management varies tremendously from company to company. Some guys get it while o
Oils bad. Sell, sell, sell. Wait. Oils food. Buy, buy, buy. Housing is horrendous. The house of pain. Wait a second. Housing is fabulous. Transports are awful. Or theyre theyre terrific. Hallelujah perhaps we should dispense with the sector based labels and Start Talking about individual managements, individual companies, and execution. This earnings season weve seen remarkable d remarkable divergence in individual sectors in 25 years. We believe stocks in the sectors should trade in unison, were missing important opportunities to earn the stocks of companies that are deliberate. Rather than etfs meant to capture broadbased moves. Those arent working. Weve become candidate to playing certain trends with certain stocks we forget sometimes the facts about the actual companies can get in the way of the stories. You know why that is . Its because the performance of management varies tremendously from company to company. Some guys get it. Others guys dont. Take the most glaring example, cat
Doublebarrel washington shotgun of a Government Shutdown and a debt ceiling crisis . Really, how were we down so little . The given that our precedent was on earlier this evening talking about the federal workers who will go out pay and how we are entering a height of irresponsibility moment for the federal government. The house of pain lets ponder. Lets ponder while were barely down, believe me, 0. 6 on the s p barely down. Nasdaq down a quarter after being up 25 for the year after coming into the session, thats barely a selloff at all. First we have to wonder whether there was something mechanical today. It was the last day of the quarter. I told you endlessly that the big mutual funds like to show you theyre right about the market by owning the biggest earner. They dont tell you when they bought it you have the assume theyre brilliant, clairvoyant even. Hedge funds like to stand underneath. Meaning theyre bidding below the market. This happens. They dont like to give up the ground t
Shocker the fed got clobbered, by. 36 and the nasdaq plunged. 26 . It was a meeting that happened about a montha ago has almost always been a suckers game. The selloffs are rarely more than just a head fake with no real, lasting impact. It doesnt mean we cant go down more after the run weve had. I certainly cant say that. In fact, its the opposite and were due for a bit of a bruising, and it wouldnt be exceptional if we didnt it would be exceptional if we actual willy didnt have a bruising, but thats why i feel why tonight is a terrific time to explain why i do still think were in a bull market despite the negativity through todays session and yesterdays. So i need you to go back. I need you to do your literary homework here. Remember tolstoys classic line . All happy bull markets are alike, but each bear market sun happy in its own way and anna carren ina. Its a great metaphor. Indeed, bear markets are hideously unhappy in all sort of different ways. It could be caused by a financial