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We are halfway through October, and the markets are already shaking off their worries. Let’s keep our fingers crossed.
Our politicians in Washington did what they do best this week by kicking the debt ceiling can down the road until Dec. 16. Until then, we can switch our focus to the Fed’s November decision on tapering its bond purchases. Does anyone have any Pepto Bismol?
It has been a bumpy week for stocks, and it could get worse if you believe the headlines of the financial press. The issue I see is that just about everyone is expecting a nasty period ahead for equities. That makes me somewhat bullish.
The moral of this tale is that if you are a long-term investor, the next two months are simply a tiny blip, or bump in the road that should be ignored.
The belief that the delta variant of the coronavirus might be peaking in the worst-hit states was enough to cheer investors. Not that the extremely contagious infection ever had much of an impact on the markets anyway.
I have been surprised by how well the markets have been handling all of these challenges. Markets snapped back on Friday somewhat; however, we will need to wait until next week’s outcome of the Fed’s Jackson Hole Symposium before signaling an all-clear in the short term.
As has been the case all year, the stock market’s fate is intricately dependent on the progress, or lack thereof, of the coronavirus.
As stocks hit record high after record highs, it might be normal to expect that equities will just get too expensive and collapse under their own weight. Not necessarily.
You might want to consider a vacation in the weeks ahead, and let the markets work out some of their issues.
