We closed the third quarter with barely enough bullish momentum to allow Da Boyz to collect some bonus money and walk away. They’re too busy shopping for Porsche’s and other fineries to allow them some time off. Naturally they expect to return later in the fourth quarter to score more gains for another round of bonuses. That’s the way we’ve rolled since this 6 year rally began.
Stocks were hit higher by several factors that have been on the radar the past two weeks but overwhelmed by bonus junkies. The litany includes geopolitical concerns (Ukraine, Hong Kong, our ISIS pals and etc), the quality of U.S. earnings reports scheduled for next week, EU’s economy, potential currency wars among the G-8 and declining economic data