The fall season did begin in earnest, with trading volume increasing as investors focused on trying to increase their gains in the remaining third of the year. Price bias was slightly positive as a result. 

The week did end on a sour note though, as unemployment rose significantly, as the effect of rising interest rates on corporations is beginning to manifest. In addition, prior month employment figures were revised downward AGAIN – which has become a pattern all year with the Biden administration. Employment data, when initially released, has simply become unbelievable because it is being purposefully over-stated to make the economy seem better than it actually is. 

The economic collapse and attendant stock market decline that some analysts are forecasting has not taken hold yet. Concerns remain, however, over the possibility of more Fed rate hikes, commercial real estate defaults, the added burden of student loan debt payments being resumed, steady inflation and declining corporate earnings. 

Our stocks were mostly neutral on the week, many with very little price movement, both longs and shorts. September historically produces very big moves in the indexes, so we expect more dynamic price moves ay time now. 


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