What follows are the topics covered in this weekend's note to subscribers. To become a client of Zenolytics Turning Points or to learn more click here.
The excerpt from last weekend's note is available here.
In this weekend's 11 page note we discuss:
- The psychology of stalling right beneath new all-time highs for most of August
- A surprise outcome for the markets into elections that few are discussing
- Adapting to shifting trading conditions
- Four areas of concern for the market after this week
- A potential event bearish catalyst this upcoming week
Market Update
The psychology of the present market is one that deals in a great degree of certainty versus where we were even a month ago. The revelations of the past several weeks especially, with Q2 earnings shattering expectations on the upside, and guidance being equally as bullish, has caused a certain confidence to emerge that has done away with many of the fears plaguing investors over the past several months.
A foundation of confidence, however, comes at a cost to investors. That cost is in the form of exactly what we experienced this past week: Equity prices that are seemingly wading through molasses with little in terms of predictability or overall direction. The fluidity with which stocks were moving during the first phase of this rally has turned, as fear has been removed from the equation and a certain sense of confidence has emerged.
Let's take, as one obvious example, the issue of the S&P 500 sitting right beneath its all-time high for a majority of August, while nearly all of Wall Street is preparing for that all-time high print. If you look through the financial media, there are no less than a hundred articles discussing the coming new all-time highs for the S&P 500.
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