In today's 372nd edition of Turning Points we have a an 8 page note discussing the importance of what occurred today in the markets, along with how to approach equity allocations from this point forward.
What follows is a brief preview from today's note:
Today was an important day for a number of reasons as I will get to in the charts to come.
Our original intention in taking on long exposure last week was to gain a leg up on the market by buying seemingly risky names when uncertainty was at its greatest. This allows us to get ahead of the market by having a profit cushion from which we can either simply take the profits off the table or add positions to the portfolio while not being in a vulnerable position should the market reverse.
Coming into this week, I had Tuesday and Wednesday achieving the bulk of the gains, with the intention of taking profits on Wednesday, taking a wait and see approach to the markets from there.
However, today's price action is the first day since the August 18th bottom that the market is actually telling us, with some certainty, that the bottom in mid-August could be the low for the remainder of the year.
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