Stock Market Recap | October 2nd, 2023
September again proved why it is historically the worst month for stocks.
With Treasury offerings now guaranteeing a rate of 4.5% or better, without market risk, many investors are exiting stocks and moving their money to them and settling for this rate of return. Add in many other investors who are temporarily comfortable holding cash, and there just is not much investor appetite for stocks.
But there is some. Analytics are seeing more buy or buy soon signals among our watchlist stocks than sell signals. The “smart money” may be positioning themselves for a potential rally after the dismal September decline. And quite a decline it has been – many stocks at or near 52 week lows, which as usual is being masked by the positively-skewed major indexes.
Our stocks were mixed – longs mostly declining slightly, but not all, and shorts mostly declining.
Let’s see if the analytics are right as to hinting at a price recovery soon – it would certainly improve returns in Level 1 which has under-performed owing to mostly slumping long positions.
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