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Weekly eLetter 10/12/2018 – Markets Today

As always, bad news sells, and we’re seeing the horrific pictures of the Florida weather disaster being replaced by talking head explaining how horrible the markets are. So, let’s have a big-picture look at things, and then I’ll provide a chart of the technical areas we’re watching.

We normally expect consolidations and tests of prior levels during a bull market, and we have recently reduced risk in our portfolios at signs of market weakness. We have eliminated real estate holdings which have now been hit pretty hard, and have significantly reduced our exposure to tech areas. These have proved to be good strategy so far. Nevertheless, the current pullback appears to have left no areas untouched, and even we were surprised at how quickly markets pulled back from all-time highs.

The chart below will show that we’ve been at this point multiple times in the past five years.  The strong support of the ‘market’ has again been breached. This is an expected and logical place for a bounce, and it appears so far that we’re seeing a bounce today. What happens next, however, is extremely important.

– Read more …