Maybe Not Doomsday Today. Maybe Next Week.
Markets are a little less miserable so far today. But there's always next week to slaughter the bull! Read on.
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Nearly The Weekend
Perhaps after the drubbing handed to markets this week, we will see an easy-up Friday. At the time of writing, the 10-year yield is retreating which can often have a beneficial short-term impact on equities. Doomsayers now seem to be in the majority which often signals an impending reversal, so perhaps now is the time. But if not, we can be patient; we believe markets are heading to new highs and will be there within a year and maybe less. We think this current selloff is just a normal pullback, and that the strong underlying fundamentals of the US economy will couple with loosening monetary policy to push equities up further through 2024.
Let’s take a look at how the S&P500, Nasdaq, Dow and Russell-2000 are shaping up, together with Bitcoin and Ether.