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“The liabilities are always 100 percent good. It’s the assets you have to worry about.” – Charlie Munger

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

While yesterday ended up being the worst Halloween trading day since 2011, the S&P 500 still ended the month with a year-to-date gain of 19.6%.  That’s good enough for 2024 to be the best Election Year through October since 1936!

The S&P has pulled back from overbought levels this week and now sits just above its 50-day moving average.  The S&P’s 10-day advance/decline line is now oversold, however, so market internals suggest a market that’s a bit weaker underneath the surface.  If the 10-day A/D line falls a little further, we’ll start looking for an oversold bounce.