TSX:AX.PR.E - Post by User
Post by
DZtraderon Aug 05, 2024 11:39am
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Post# 36164641
(Repost) Wow doom and gloomers out in full force
(Repost) Wow doom and gloomers out in full force
I sit and read some of these posts and just shake my head. Chicken little screaming the sky's falling while the other desperately seeking pats on the back. Take it easy people!
I posted awhile back that we were heading into a weak seasonal period, keep some powder dry. . To be honest I was looking closer to the end of this month myself. I actually unwinded my Enbridge position totally now which was hard to do given middle east turmoil but will fill it back up when the dust settles here. We got a weak employment number and that gave the market enough ammo to sell off. While I am not oblivious to the fact that the U.S. economy in "trending" lower it is but one data point (right now). Combine it with poor manufacturing ISM a short while ago and you got enough to cause a sell. So that seasonal weakness just came quicker, how much further will be more of a technical matter than a truly fundamental matter as of now. Last GDP (backward looking) was not too bad, latest ISM services (real time) actually beat and in positive territory. So really a poor empolyment number that MAY have been skewed by hurricaine has set everything into a tither. I have long maintained the economy is slowing BUT as of right now, it isn't crashing. Way over bought tech and carry trade killin it!
Expect the Fed to come out and suggest they will be supportive of the economy, maybe even suggest they might do pre-emptive cut if circumstances dictate.
In the mean time my one and only U.S. reit has just come positive. I have wanted to add today but didn't even get enough sell off to do so! I recognize some reits are down but given what we are seeing out there right now, if this is any indication...................................I won't say it! Remember someone (not sure who) said we were going to get our butts (had said other word and get censored) handed to us, won't get over confident here as anything can still happen. Good luck tomorrow all.
Stay good,
DZ