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“When so many hours have been spent convincing myself I am right, is there not some reason to fear I may be wrong?” – Jane Austen
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While the record streak of positive Mondays ended last week, it’s looking like another positive start to the trading week this morning as investors breathe a sigh of relief that the world didn’t end over the weekend. The week is starting off slow in terms of news and data, but it’s going to be a busy week of data, earnings, and central bank decisions (FOMC, BoJ, and BoE).
Simply put, last week was a lousy one for US stocks. While the S&P 500 was down less than 1.5% for the month of October heading into the week, it now finds itself down just under 4%. What was notable about the declines, though, was in how uniform they were. In a market that has been so uneven for at least the last year (see the YTD performance numbers in the fourth column), all fourteen of the US index ETFs we track in our Trend Analyzer were down over 2% but less than 3%. Another common theme? All of them are at ‘Extreme’ oversold levels.
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