| | | Yup, had a better day than my stocks. Beat the index, but still on the wrong side of zero.
Most of my holdings are in Canadian stocks.
The Toronto Composite Index closed at a 2023 high on Sept 15 (OPEX).
Twelve sessions later, virtually all those gains have been wiped out.
Now up a whopping 0.3% ytd.
I've always liked Art Cashin's comments. From yesterday (Oct 2nd):
So, now we have entered the fourth quarter and the guidebook says, we should see new money for the new month. October is known as the month of bottoms, quite often capitulation bottoms. Having studied this game for over 60-years, my personal rule of thumb, is that October bottoms tended to come in the middle of the month, but even more frequently, toward the end of the month and, in fact, in the week just before the last weekend in October.
That having been said, the dartboard suggested that we could see a bottom tomorrow and Jon Stephens, who has been on top of this extraordinarily well, said it might not be his highest priority, but an early October bottom will also fit in to some of his work.
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Last year, the market bottomed on October 13th.
Today was day 21 of the down trend that began immediately after Labor Day.
I have found that trend moves of 20 (plus or minus 3) trading days occur with regularity in the markets.
Ties in with the 29.5 calendar day lunar cycle. |
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