Market When Open, Friday 1 November
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Positively Seasick
by Alex King, CEO, Cestrian Capital Research, Inc
If you were expecting an easy-up ride into the election then as always the market taught you a lesson. The elevated Vix finally took a bite out of equities. For all the wailing in the street though, the fact that October closed slightly red is hardly a sign of impending doom in and of itself - in 2024 only April and October have been down months in the S&P500. (Which serves as a reminder to all of us that if you are feeling that “wow I got this!” sensation about investing and trading in 2024? It’s not you. It’s the easy money. What is you is having the gumption to recognize when the easy money is on offer, and taking it rather than decrying it. Just remember to point your money bearish when the next bear market comes calling).
If it’s not yet the End of Capitalism, let's at least see what all this means when we zoom out and look at the index and sector ETFs; and let's see what is happening in bonds, oil and volatility too.