Tuesday Sept 3 2024
That was the lead headline in today's WSJ Tuesday Morning, Here is the day's result.
This weekend I suggested the NASD NDX would lead the way down and there it is off 3.26% today. I also suggested we would get a bear ETF buy signal this or next week. Note this also arrives at the start of reliable fall weakness in stocks, 1929 and 1987 occurred in October.
PSQ BEAR NASD Fund chart is not posting but it was up 3.07% a good correlation to the NASD decline of 3.26%.
The WSJ article is textbook perfect for the uber great feelings at a market top, lots of newly minted moillionaires, sure the SPX up 18% this year will make higher highs.
Bear markets exhibit stair step declines with strong counter trend rallies. We can expect the 'newly minted' to 'buy the dips' and be encouraged with the ensuing short lived rallies.
PSQ has not popped above its 13 21 34 day Exponential moving averages and the PMO lines should cross to a buy on the next NASD decline or PSQ rally.
It looks like gold and silver are done for now, silver dropped 2.74$ today.
Ditto for crude oil down 4.36%, $3.21 dollars. Both markets scream deflation, lower prices which is what we will get with a bear stock market.
All the warnings we have given and recommendations to stay safe in 3 month T Bills is coming due now.
Social mood swings wildly negative with Hamas demonstrations outside Columbia University campus, a stabbing in Indiana, five shot in Brooklyn Labor Day, and the Hamas murder of six, one American, in GAZA. The murders now have Tel Aviv in an uproar, the exact goal of Hamas. We will update again after Wed market close
Comments