As for the stock market specifically:
There was little movement last week while the markets contended with Friday the 13th. Overall, it was a split decision, with 2 up and 2 down. While the US markets generally ignored the war, international markets fell.
The bullish percent indicators rose last week, but not enough to warrant anything but watching the game. The weight of the evidence says we continue in WEALTH PRESERVATION mode.
Remember, X’s mean OFFENSE or wealth accumulation, while O’s mean DEFENSE, or wealth preservation.
Below is where our indicators stand as of October 13, 2023 (Courtesy Dorsey, Wright, and Associates).
On a general note:
The Social Security Administration announced that senior citizens will get a 3.2% increase in benefits in 2024 to compensate for inflation. The bad news is that inflation went up more than 3.2% in the world people tend to inhabit.
I must express my dismay at the deterioration in the quality of economic reporting our major news sources provide, including from prominent business sources. For what it’s worth, I am told that at least some (how many I don’t know) of the financial reporting is actually written by A.I. for the benefit of A.I. I recognize that I’m treading in unsafe water, but I can only suppose, if true, that the intent is for hedge funds (algorithms) to take immediate advantage of any headlines.
Last week the Labor Department announced September’s inflation figures. Both consumer inflation and producer prices rose faster than anticipated in September. Consumer prices rose 3.7% year-over-year, and 0.4% from August. Producer prices rose 0.5% from August to September.
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