Despite showing some strength yesterday afternoon, market futures are down as of 7:35 am CDT. The DJIA is off about 100 points, the SP500 down about 11 and the NASDAQ is down about 31 points.
Investors Business Daily had this to say yesterday:
"Stocks bounced Monday, giving the market some hope that its sell-off might be at least pausing, if not ending. The S&P 500 looked bearish at midday, when the index fell below its 50-day moving average. But a wave of afternoon buying sent the S&P 500 off its lows and into the highs of the day. The index closed nearly unchanged and back above its 50-day line"
"The market's backdrop remains favorable, with the U.S. economy still humming, unemployment at a 49-year low, consumer confidence high and corporate profits still reaping the benefits of a big tax cut.
The downside is that the Federal Reserve seems set on raising interest rates to keep the expansion from overheating. Fed Chairman Jerome Powell last week sounded hawkish on the economy, which fueled expectations that 2019 may bring even more rate hikes."
If you haven't already, it might be time to think about moving from stocks to money market funds. I already have about 35% of my long-term portfolio in cash or money markets and may switch some more. It's always good to have some dry powder -- just in case.
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