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@theMarket: Some Brokers Are Getting Bearish
By Bill Schmick,
12:31PM / Saturday, September 11, 2021
For four days in a row, the markets closed down. That is in itself unusual. It has only happened four other times since the March 2020 low. Does this portend further downside in September?   On Friday, the markets tried to bounce back. The damage to the averages has been minimal thus far. But given how far we have come, more and more brokerage houses (Goldman Sachs, Deutsche Bank, and Morgan Stanley, among others) are warning that the September-through-October time frame could see a 10 percent correction. How much weight should you give these gloomy predictions?   If you are a short-term day, or swing trader heed their call, since we are probably overdue for

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@theMarket: Investors Are Chasing Stocks Higher
By Bill Schmick,
04:17PM / Friday, September 03, 2021
The proverbial Wall of Worry provided plenty of foot holds for investors this week. The major averages continued to make new highs (or hovered just below them), despite bad news and focused instead on anything that could justified higher prices.   The belief that the Delta variant of the coronavirus may 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. Still, the hope that Delta has peaked gave added umph to large cap growth stocks.   Helping this summer's move higher was almost $30 billion in fresh money that has come into the market since July. It

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@theMarket: Taper Talk Tanks Stocks
By Bill Schmick,
04:23PM / Friday, August 20, 2021
The July minutes of the last FOMC meeting were released Wednesday. In the announcement, Fed officials expressed their willingness to start reducing asset purchases before the end of the year. In response, traders dumped stocks. Was that the right move?   Stock jockeys seem to believe that by reducing monetary stimulus by even a smidgeon, all will be lost in the stock market. I find that hard to believe. The Fed is purchasing $120 billion a month in bonds. If they reduce that amount by $10-$20 billion, that still leaves a lot of central bank firepower.   A much better explanation for the losses this week could be that it is a slow week, and a seasonally

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@theMarket: Stocks Grind Higher
By Bill Schmick,
09:31AM / Saturday, August 14, 2021
The major indices have been working higher over the last few weeks, while rotation among sectors continues unabated. The higher markets climb, the more investors begin to question how long the bull market can sustain its upward trajectory.    "Thin" would be the way I would describe the movement upward in the S&P 500 Index. The same term could be used for the slight downward drift in the NASDAQ and technology stocks in general this week. It is August, after all, and volumes dry up as many on Wall Street take vacations.   Technically, we are trading in the middle of a monthly range in many sectors. A cursory view of some of the sectors reveals

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@theMarket: Higher Stocks Climb, Cheaper They Get
By Bill Schmick,
04:43PM / Friday, August 06, 2021
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.   One of the investor's favorite valuation metrics is called the forward price/earnings (P/E) ratio. The concept is quite simple: compute the market value of any stock and divide it by what the company is projected to earn over the next 12 months. If the ratio is higher than the long-term average, consider it expensive. It is considered cheap (generally) when the stock trades below that average.   The P/E ratio you can compute for an individual stock can also be applied to a market index,

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