Friday, September 7, 2018

Near-Term Conditions

My parting note to a client this morning pretty much sums up all that needs to be said today about the near-term state of the market:

"The market overall is going to be very interesting going forward. Today's jobs number was quite good (however, prior two months were revised 50k lower)... The increase in wages was overdue, and of course emboldens the Fed to raise rates at this month's meeting... The wild card in the near-term is of course trade... If/when this trade game ends -- as long as conditions remain as they are -- your financials, industrials, materials and non-US weightings are poised to do quite well... If, however, conditions have rolled over by then, we'll be having a different discussion, and doing different things in your portfolio.  I'll keep you posted."

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