When I am asked to do an interview on the media, the producer(s) ask for my notes on market conditions.As I will appear at 9 PM ET on CNBC Asia First in Singapore, here are the comments I sent them earlier today.As the corrects a bit from the recent run up to all-time highs, we still have keen eyes on other sectors.Looking at four areas of the Economic Modern Family:Retail , Small Caps , Regional Banks , Biotechnology , are all up big since last October and are paused for a breakout over recent highs if
Thus far, the narrative remains more soft landing than anything else, while gold remains the mirror reflecting potential cracksHence, for equities we are recommending more patience especially ahead of the election.The market is choppy and volatileAnd we still see commonalities among the 2 Presidential candidates
Elsewhere,Good news on Tesla yet a run to resistance unless clears 260Gold taking a pause but remains resilientSilver big breakout over 32.50 now supportPalladium just had a huge runOil holding $70Natural Gas looking better-watch the chart of LNGInflation is not going down, but not rising as of yet-it could but until it does, we believe that outside of current positions in gold and silver, commodity investing is also a bit prematureWe have eyes on China.After a huge run, many names like Alibaba, are on pause awaiting softer US dollar and election results.Tariffs are a concern; hence BRICS has moved forward but not yet impacting US markets.While our models remain long the indices, we are advising our clients to sit back and wait.Our current positions have protective stops in place while we wait in case the market has a more serious correctionPlus, I am advising clients to watch the ETFs (XRT IWM IBB KRE) rather than individual names for the next investments once the trading ranges are reconciled.There will be no weekend Daily. Look for the weekly Outlook published on Sunday.
ETF Summary(Pivotal means short-term bullish above that level and bearish below)S&P 500 (SPY) 575 support 585 resistanceRussell 2000 (IWM) 215 support 227 resistanceDow () 420 supportNasdaq () 485 pivotal support 500 resistanceRegional banks (KRE) 60 pivotalSemiconductors () 242 support 265 resistanceTransportation () 69.50 supportBiotechnology (IBB) 140 support and like better over 142Retail (XRT) 74-75 support to holdiShares iBoxx Hi Yd Cor Bond ETF () 79.50 nearest key supportMore By This Author:First Gold, Silver, Maybe Sugar, And Now Soybeans? Holiday Discount ShoppingTurnaround Tuesday: Junk Bonds Flash Caution
