What's that old saying--sell by Rosh Hashana, buy by Yom Kippur--or is it
the opposite or what, I forget. I think it worked for a long time and then
became discredited in recent years along with a lot of other shibboleths.
It is the nature of markets that items of this nature will always self
destruct at times. Anyways, We have an interesting conflux of events next
week with Rosh Hashana on September 25, The Fed Open Market Committee
Meeting on September 26, and the release of the Durable Goods statistics
for August on September 27. I mention the Duable Goods statistics because
I read one economist, a bull on intermediate and long term interest rates,
who expects a strong rebound in durable goods that would dash hopes for a
Fed easing in the near term and would unsettle the capital markets.
Translation-an excuse for a selloff or, good grief, maybe the opposite
given the predictive records of.........Now,just what is that old saying?
"Don't part with your illusions, when they are gone you may still exist but you have ceased to live."