Gene Peroni's Daily Podcast

Yesterday's decline was not unique to the month of October or for that matter the period between August and October which historically presents technical headwinds for the market. 

Gene comments about the bullish underlining technical foundation of this market, particularly going into the month October. 

Gene discusses his revised support levels for the major market indexes. 

Escalating tensions in the Middle East, put heightened focus on Aerospace and defense stocks yesterday. Aerospace and defense is a subcategory of the Industrials; one of the stronger performing sectors in the S&P 500. 

The stock market has navigated impressively through the first 2 months of this 3 month period of August- October, that historically has presented some technical, cyclical and seasonal challenges for the stock market. 

The historically worst month of the year is proven to be one of the better month's of 2024. The major market indexes are gaining ground. 

Semiconductor stocks could be readying for another move to the upside. 

With the Dow and S&P 500 at all time record highs, some may feel that the best tact is to just wait it out, hope for some kind of a pull back.

The stock market's profile has changed dramatically in the last year. 

In less than seven weeks time market psychology has shifted from a stage of panic to a hint of euphoria and we saw that little bit of euphoria playing out in yesterdays session. 

Yesterday's market gyration's are seen as relatively normal in the context of the volatility that has seen since August.

Wallstreet and Mainstreet anticipates a Fed's interest rate decision and that announcement coming in this afternoon.  Focus and attention regarding the Fed's anticipated rate cut. 

In less than a weeks time , The Dow Jones Industrial average has recovered from a 700 point deficit.

As of Fridays closing major market indices are above their respective short term moving average trend lines.

The last 4 trading days have shown the market resiliency.

There were subtle hints early on in yesterday's session that the steep decline might not be sustained. Technology stocks held up relatively well amid the 700 point decline in the DOW.

Today marks the 23rd anniversary of September 11. May we never forget those who lost their lives.   The major market indexes have managed to rally back close to the support levels mentioned yesterday but they failed to reclaim those levels decisively. The ONUS remains on the Bulls. 

The major indexes went back to their respective support levels. 

The CBOE Volatility Index posted a series of ascending dates.

As of closing yesterday, the major market indexes are within close proximity of the support levels that Gene outlined recently. 

Mixed session with the Dow being higher and the other indexes  being lower. There were indications that the downward momentum might breaking. 

Rough start for a month that historically represents the most difficult season for the stock market. 

The beginning of September is looking like a soft start for the major market indexes.

Today is the final trading day of August and it also marks the unofficial end of the summer session on Wall Street. 

Gene comments on concerns about the ONUS and Technology related stocks.