We’ll leave our Market Monitor at a level 5. In other words, now’s not the time to stick your head in the sand, but as always, we want to see it first (some decisive buying) before taking much action given the weakness seen in most everything out there. We will say that, with September in the rearview mirror, there are many studies that point to a year-end rally, there are many near-term oversold-type measures that suggest the market may be able to build off last week’s low and we continue to see a decent number of potential growth-y leaders that aren’t far from overcoming some technical hurdles (like 50-day lines, etc.). The market looked ugly early last week before finding some support, but we’re going to need to see more before changing our stance-interest rates continue their fierce uptrend (rate-sensitive stocks are coming unglued), and the intermediate-term trend of most stocks, sectors and indexes remains down.
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