Message from Jon
We have once again climbed that infamous wall of worry back above 27K on the Dow.1 The Volatility Index has receded, indicating a period of quiet setting in for now.3 In a breaking headline this a.m., the FED is injecting $75B into the system in hopes of countering the sharp rise in US short-term funding costs.2
Oil jumped yesterday as a major refinery in Saudi Arabia was bombed, causing a significant impact to production and a rather sharp impact to the supply, giving way to a spike in demand.4 This too may be temporary, like the VIX or our recent highs in my opinion. We could be here for a bit, though, so we are staying in the moment.
We may likely begin to see some profit-taking as we age into the 4th quarter, as many investors begin to prepare for the election cycle and conduct tax-loss selling strategies across the markets.
Till we speak again, enjoy your week!
Dow Logs 8-Day Win Streak
WEEKLY UPDATE - SEPTEMBER 16, 2019
The Week on Wall Street
Stocks edged toward all-time peaks during a relatively calm week marked by easing trade tensions. Friday marked the eighth straight daily advance for the Dow Jones Industrial Average.
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