The Week On Wall Street: A Record

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"If you walk peacefully on the beach; our feet sink a bit before we can take the next step forward, rinse and repeat. So goes the market at times."

It's been 4 years since I used that quote, and I find it to be applicable today. In a BULL market, we often want to "rinse and repeat" instead of trying to "outthink" the situation. Bullish investors have witnessed a tornado that has blown away the skeptics and taken their portfolios to new highs.

November is a month of thanks, and one thing bulls are typically thankful for is the month's positive tendencies. As we enter into the final two months of the year, the Bulls already have plenty to be thankful for. All of the major indices have posted double-digit gains this year.

The good news wasn't over. All of those indices recorded new record highs this week. It may be annoying to some but I would be remiss if I didn't ONCE again highlight how WRONG the calls for a deep 10-20% correction in September were. If an investor wants to listen to the crowd that continues to dismiss the most important facet of investing when they make market calls, they will find themselves in a heap of trouble.

At some point, even this bull market will tire, but as long as the internals keep holding up, earnings continue to show steady growth or historical trends suggest otherwise, it won't be profitable to keep doubting this bull market. That has been the message now since the middle of last year.

This year has been no different from the past. There have been several well-reasoned arguments about why the market should pull back. Whether it was the chaos in Washington, turmoil on the geopolitical scene, inflation, a potentially more hawkish Fed, excessive valuations, a stock market that is overdue for a pullback, weak seasonal patterns, or something else. The reasoning behind the cautious arguments all sounded good in theory.

These concerns ALWAYS sound smarter to the human mind because they dovetail with our worries. Sounding smarter doesn't necessarily produce the desired results. Investors always have to be ever mindful of letting emotion creep into the equation. All of these issues and many others that have come before them have been shattered. Most of the time they never even surfaced. It is why when an issue arises, it needs to be listened to, then assigned a probability of it happening. It should never just be accepted as a black and white, has to happen event.

This year we have witnessed another example. The fear of higher corporate tax rates that "looked" like a sure thing when this administration took office has run into speedbumps that have morphed into roadblocks. The stock market is celebrating. A strong corporate earnings picture that isn't handcuffed brings higher stock prices. Any "change" to that scene will be a defining point in any BULL market, including this one, and I've stated that for months on end.

For someone that has stayed invested in the last few years, it's human nature to have the fear of losing the lion's share of the gains achieved. The best way to control that emotion is to gain the confidence that you will first, have a plan, and then calmly execute that strategy. The naysayers "live" with that "fear" commentary. It's because they never have a plan and have been wiped out time and time again. That is why they are forever issuing "warnings".

The "key" to my strategy is fairly simple, and it's been highlighted here on Seeking Alpha for over 8 years now. "How" to interpret the signals and "When" to act of course are integral components to that plan.

At some point, I expect to successfully execute that strategy again as completely understand that markets don't go up forever.

The S&P 500, DJIA, and NASDAQ all entered the week at new highs as October came to a close.

The first week of the new month saw little change to the BULLISH mindset. Back and forth trading action as the price action was indecisive and choppy early in the day. That is typical action near new highs. However, a late-day rally pushed the S&P 500 to yet another record high closing at 4,613. The DJIA and the NASDAQ kept stride and posted new records of their own.

On Tuesday, the S&P entered the trading day having posted gains in 12 of the last 14 trading sessions. From the outset, it was a gradual march to more highs as the S&P added its fourth consecutive day with a record high. The NASDAQ kept pace, the DJIA added back-to-back records. The "record" parade wasn't done just yet as the Dow Transports broke out signaling another Dow Theory BUY signal. The 9-month trading range that kept the Russell 2000 capped since March 15th was finally breached to the upside.

The much anticipated mid-week FOMC announcement came as scheduled, and the stock market absorbed the tapering without a tantrum. In my view, "tapering" is a non-issue, but this response has surprised me, especially since stocks are somewhat extended in the short term.

Other than the Dow Transports, all of the other indices made new highs. That made it 5 days in a row with new records for the S&P 500 and the NASDAQ. While the DJIA posted its third consecutive day with a new high. The Russell 2000 small caps (IWM) tacked on another 1.7% as the breakout gained more traction. It should now be apparent there is a reason that I do NOT downplay or "fade" new highs.

No one can determine when a buying stampede will end and hedging into the strength in a BULL market is throwing money into the ocean. Yet, I can guarantee the next time we see another rally, the people who love to buy "insurance" will be telling me how foolish I am for not doing so.

As the market opened on Thursday, the streak of consecutive days with new highs was on the line. The S&P 500 and the NASDAQ composite extended their streaks to 6 straight days of record highs. The DJIA and the Russell flatlined, closing with minor losses. After their breakout rally, the Transports weakened and closed down 0.76%

The RECORD week ended with the S&P and NASDAQ making it 7 straight days with new highs. When the dust settled very major index set a record. The Russell 2000 small caps broke out this past week and added 6%, and this move looks genuine.

The $1.75T "Social infrastructure" framework released by the White House includes $555B for climate provisions; $400B for early childhood education/child care; $150B for home and community healthcare; and $150B for housing initiatives. The bill does not change the corporate or individual tax brackets, but does make changes to top income households, institutes a stock buyback tax, and establishes a corporate minimum tax for a total revenue target of ~$2T.

If passed, this would bring the total of new spending to the $2.25T range (when adding the funding from the infrastructure bill), with programs front-end loaded. The total tax burden is lower than expected, with no changes to the corporate tax rate or individual tax brackets. The new AGI surcharge is concentrated on a smaller set of taxpayers than originally proposed, replacing a 'billionaire's tax' and changes to capital gains taxes. In the coming weeks, we will have continued maneuvering for excluded policy provisions, the drafting of the full legislative text, with the Senate Parliamentarian, and the official budget score.

The strategy to push a vote on the infrastructure bill, then "pause" on the social spending bill might be gaining more traction. Then again the vote on the infrastructure bill was delayed once again. Congress is still wrangling on whether they want to link the two bills together or vote on the infrastructure bill without the social spending bill.

The issue that has some doubting the social spending bill is one that we have heard before. No one seems to know what is "in" and what is "out" of the social spending bill. The Congressional Budget Office has yet to put forth their congressional "score" of that bill, and there is renewed interest to see that report before signing on to that legislation.

While the situation can change at any moment, it appears what the House is proposing on social spending and will vote on and eventually pass will be DOA in the Senate. From there the wrangling will ensue as the bill will be modified and sent back to the House of Representatives. Meanwhile, the bipartisan infrastructure bill is hostage to the whims of congressional members.

If anyone believes that is negative, think again. The stock market loves gridlock and in this case, shelving more spending that has the appearance of producing little to no growth is positive.

The long-awaited FOMC meeting offered little in the way of surprises:

"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved."

"With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months, but the summer's rise in COVID-19 cases has slowed their recovery. Inflation is elevated, largely reflecting factors that are expected to be transitory. Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors."

"Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course of the virus. Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and employment as well as a reduction in inflation. Risks to the economic outlook remain."

The decline in and the present low level of unionization is relevant for the current inflation narrative for several reasons. First, it's unlikely wage growth can reach levels that would signify a wage-price inflation spiral without collective bargaining and the ability to strike that unions offer.

While wage pressures can drive inflation levels, this time around we might see labor force pressures have a more modest impact on inflation than prior episodes.

Bespoke Investment Group:

"While 2020 did see a large sequential uptick in the unionization rate of government workers, and total unionization rates rose sequentially from record lows, the American labor market remains relatively unionized versus history.

In the 1980s, almost a quarter of the labor force was represented by unions, but policy and demographic changes since that period led to a massive and secular decline in unionization, both for the economy as a whole and for the private sector.

Currently, only 12% of the American wage and salary workforce is represented by a union, with only 10.8% of workers actually members of a union."

Despite mixed success at unionizing media companies, Amazon fulfillment centers, and the fast-food industry, very few Americans are subject to collective bargaining.

There have been some "issues" in the labor market due to the vast number of jobs available yet an inability to fill the openings. As a result, the cumulative job gains for August and September were substantially below consensus expectations (~430K actual versus ~1.2M expected).

Investors continue to await the "good news" as we continue to watch and wait for the developments that should "eventually" support the labor market.

However, other forces at work may keep people on the sidelines and once again stifle growth in the economy. I believe we may start to see an inflection point. Companies will not allow operational deficiencies to weigh on their top and bottom line. Many have already noted additional investments in automation and artificial intelligence, particularly in warehouses (e.g., automated forklifts), to resolve the staffing shortages for the long term. So while the level of optimism surrounding the availability of jobs is elevated, technological solutions could begin to limit opportunities (think about self-checkout, ATMs, and ordering kiosks).

In addition, vaccine mandates may start to take their toll, and it appears there won't be any change to this policy that has thousands on "temporary leave without pay".

The October payroll report finally brought some good news. Nonfarm payrolls increased 531k in October, beating expectations. That follows respective gains of 312k in September and 483k in August. The unemployment rate ticked down to 4.6% last month versus 4.8% in September and 5.2% in August and is down from 6.3% at the start of the year. Average hourly earnings rose 0.4% from 0.6% and climbed to a 4.9% y/y rate versus 4.6% y/y. Average weekly hours worked dipped to 34.7 from 34.8.

The labor force increased by 104k, not quite enough to offset September's -183k decline.

ISM manufacturing index slipped -0.3 ticks to 60.8 in October after rising 1.2 points to 61.1 in September. However, this is still a 17th straight month over the 50 expansion/contraction mark, and a 7th this year over 60, with the index at an 18-year high of 64.7 in March. Most of the components were firmer. The employment sub-index rose to 52.0 after bouncing back to 50.2 last month from 49.0 in August. New orders declined to 59.8 from 66.7 and are the first time under the 60 handle since June 2020

The Construction spending headline number undershot estimates with a -0.5% September drop after downward revisions in July and August. Yet, the downward bumps were concentrated entirely in the home improvement residual, while upside revisions were evident in all the important component categories of new residential, nonresidential, and public construction

October PMI data from IHS Markit signaled a steep improvement in operating conditions across the U.S. manufacturing sector. Although the overall upturn slowed to the softest in 2021 so far, the expansion in new orders remained sharp and historically elevated.

The seasonally adjusted IHS Markit U.S. Manufacturing Purchasing Managers' Index posted 58.4 in October, down from 60.7 in September and below the earlier released 'flash' estimate of 59.2. The latest improvement in the health of the U.S. manufacturing sector was sharp, despite being the weakest for ten months.

The seasonally adjusted final IHS Markit US Services PMI Business Activity Index registered 58.7 in October, up from 54.9 in September and above the earlier released 'flash' estimate of 58.2. The latest expansion was sharp overall and the quickest since July. The upturn was faster than the series average, with firms linking the increase to greater client demand and a further rise in new business.

IBD/TIPP economic optimism index dropped another 6.2% to 43.9 in November after falling 3.6% to 46.8 in October. That's a 5th straight monthly decline and a 3rd straight month in the pessimistic territory (below 50). All three of the components that make up the index declined, though much of the weakness stemmed from concerns over rising inflation pressures. The confidence in Federal economic policies plunged 9.3% to 41.1 on the month from October's 45.3 and is the lowest reading since April 2016's 40.3.

The commentary that there would be a plethora of homeowners that would be facing eviction due to the loss of "stimulus" has been a false narrative from day one. Analytics firm Black Knight updated their monthly Mortgage Monitor tracking the health of the mortgage market. With another improvement, the delinquency rate fell back below 4% for the first time since March 2020 while foreclosure volumes and starts remain at historical lows.

While the overall number of non-current loans has continued to decline, the composition of those loans has shifted in recent months.

Nothing in these reports indicates the need for stimulus at any level and it's been that way for quite some time.

The J.P. Morgan Global Manufacturing PMI - a composite index produced by J.P. Morgan and IHS Markit in association with ISM and IFPSM - edged higher to 54.3 in October, up from 54.1 in September. The rise in the headline index reflected a record lengthening of vendor lead times, increased stock holdings, and faster jobs growth. This offset the effect on the PMI level of slower increases in both output and new orders.

The manufacturing upturn in the UK slowed further at the start of the fourth quarter, as output growth was constrained by rising supply chain disruption, staff shortages, and declining intakes of new export work.

The seasonally adjusted IHS Markit/CIPS Manufacturing Purchasing Managers' Index posted 57.8 in October, up from 57.1 in September, rising for the first time in five months. Although the PMI was boosted by improved growth of new orders and employment, alongside a steeper rise in stocks of purchases and lengthier vendor lead times, a further slowdown in output growth held back the headline index.

UK service providers indicated a sharp and accelerated rise in business activity during October. This was driven by the strongest increase in new work since June. The reopening of the economy and looser international travel restrictions helped to boost demand, with new export sales rising at the fastest pace for just over three years. At 59.1 in October, up from 55.4 in September, the headline seasonally adjusted IHS Markit/CIPS UK Services PMI Business Activity Index signaled the strongest pace of recovery since July.

Chinese manufacturers noted an improvement in demand during October, but power shortages and rising costs weighed on production, according to the latest PMI data. Limited power supply and material shortages also dampened supplier performance, with lead times increasing at the fastest rate since March 2020.

The headline seasonally adjusted Caixin China Purchasing Managers' Index picked up from 50.0 in September to 50.6 in October, to signal a renewed improvement in the health of China's manufacturing sector. Although only slight, the rate of expansion was the strongest recorded since June.

China's service sector maintained strong growth momentum in October, according to the latest PMI data, with both business activity and new work expanding solidly at the start of the fourth quarter. As a result, employment at services companies rose for the second month in a row.

At 53.8 in October, the headline seasonally adjusted Caixin China Business Activity Index rose from 53.4 in September to signal a second successive monthly rise in Chinese service sector activity. The rate of growth was the quickest seen since July and solid, albeit slightly softer than the long-run series average (54.1).

Businesses in the Japanese manufacturing sector signaled a further improvement in operating conditions in October. Renewed rises in both production and new order inflows contributed to a stronger overall rise in conditions as restrictions related to COVID-19 were eased further.

The headline au Jibun Bank Japan Manufacturing Purchasing Managers' Index rose from 51.5 in September to 53.2 in October. This indicated a ninth consecutive monthly improvement in the health of the sector, with the pace of expansion the quickest since April.

Manufacturing sector growth in India gained steam in October as companies scaled up production in line with a substantial upturn in new work intakes. Firms stepped up input purchasing amid stock-building efforts and in anticipation of further improvements in demand, while business optimism hit a six-month high.

At 55.9 in October, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index was in expansion territory for the fourth month in a row. Moreover, rising from 53.7 in September, the latest figure pointed to the strongest improvement in overall operating conditions since February.

The recovery of the Indian service sector was extended to October, with companies indicating that a notable pick-up in new business led to the fastest expansion in output in over a decade. Rising from 55.2 in September to 58.4 in October, the seasonally adjusted India Services Business Activity Index signaled the strongest rate of growth in ten-and-a-half years. Moreover, the current sequence of expansion was extended to three months. According to panel members, ongoing improvements in demand boosted the growth of sales and subsequently output.

South Korean manufacturers signaled a near-stagnation for the sector at the start of the fourth quarter of 2021. Signs of weakness were the result of a renewed fall in production levels, while new orders increased at the slowest pace seen in the current 13-month sequence of growth.

The seasonally adjusted South Korea Manufacturing Purchasing Managers' Index dipped from 52.4 in September to 50.2 in October, indicating a fractional improvement in the health of the manufacturing sector. While the current sequence of expansion was extended to 13 months, the latest reading was the lowest in this sequence.

October PMI data revealed another robust improvement in the health of Canada's manufacturing sector. Expansions were seen across the output, new orders, employment, and purchasing activity.

The headline seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers' Index registered at 57.7 in October, up from 57.0 in September. The latest reading extended the period of growth to 16 successive months, with the latest expansion the third-strongest in over 11 years of data collection.

In 2014 the United States ranked 31st out of 37 countries in the Index. Following the 2017 tax reform, the rank improved dramatically, to 24th, and the U.S. now ranks 21st.

The legislation put forward by the U.S. House of Representatives would reverse many of the 2017 reforms while increasing burdens on businesses and workers.

From the standpoint of the International Tax Competitiveness Index, the corporate and individual tax hikes envisioned by the House Democrats would drop the U.S. to 27th in the rankings, just one place better than the U.S. ranking in 2017 before tax reform. On corporate taxes, the U.S. rank would fall from 20th to 31st. On individual taxes, the U.S. rank would fall from 26th to 32nd.

While some policymakers in Congress are focused on making changes to the tax code that would increase the burden faced by higher-income individuals, this also comes with a consequence of making the U.S. a less attractive place for businesses and workers.

All of this will make a difference and the fact that the spending bills are now starting to see some real opposition is one of the reasons the indices are at new highs. Keeping corporate America competitive goes a long way in securing growth.

A RECORD week, where ALL of the major indices posted new all-time highs.

The S&P 500 closed the week by posting its 16th gain in the last 17 trading days and 7 consecutive days with new records being established.

Once the S&P broke to a new high on October 21st the index recorded 11 new highs in 13 trading days. Perhaps those that are fearful of new highs and start raising cash doubting the move will have learned a valuable lesson. Furthermore, it does confirm why I continue to tell investors not to fear record highs in a stock, ETF, or index.

The S&P 500 has drifted further away from support and that infers that when the rally does pause the dip could be somewhat sharper. The other scenario has the S&P cool off and trade sideways to allow the trend line to close that gap.

For months I have heard the same narrative over and over. Market Breadth is waning. The breakout in the large caps is a head fake. Large-cap technology will fall apart as interest rates rise. Small caps can't get out of their way, they have done nothing for nine months. The Dow Transports are the canary in the coal mine, and the semiconductors may be ready to break down.

I've heard it all and debunked ALL of it for most of the year. With the Dow Transports rocketing to a new high joining the S&P 500, DJIA, and the NASDAQ in a parade of highs, the strength is widespread. The small caps have been outperforming for over a month and I've called the breakout that took place in that sector this week since the middle of the summer.

I simply ask what are you going to tell me now? What's the issue that worries you today? Those conversations are over. Anyone that has listened to the agendas and the naysaying can rest in peace.

OK, that's great but what is going to happen next? For that, you may need to become a Savvy investor and join my marketplace service. I hope loyal readers understand my reluctance to provide detailed analysis in these missives. Subscribers need to know they are getting much more than I can offer here. Anyone that wants detailed coverage of the market 7 days a week is welcome to join my investment group.

The long-awaited break out of the 9-month trading range has finally occurred. If this breakout is indeed genuine, (it appears so) then the small-cap sector will be the place to be in the coming weeks. This represents the "catch-up" trade and money will move from the red hot sectors to this group.

Last week I made note of the massive outperformance of the Consumer Discretionary sector. Before this week, the bulk of the gains were a result of the rise in Tesla (TSLA), but this week, breadth has significantly improved. Despite the overbought condition, with more stocks in the sector participating in the rally, "price" has continued to move higher. This week Amazon (AMZN) joined the rally and remains underappreciated. That won't last forever.

After rallying 28% since the middle of September, the Energy ETF (XLE) has settled into a sideways pattern recently. It would not be surprising to see the sector drift lower in the coming weeks to consolidate that rally. In the meantime, many energy stocks continue to report blowout EPS numbers and as their rallies slow, there will be plenty of opportunities to once again get on this train.

While crude oil may also "pause" its recent uptrend, there doesn't seem to be anything on the fundamental side to produce a massive selloff in WTI. The global leaders want "green", and OPEC is quite content to let them pay more for what they produce.

In terms of the technical view, the sector ETF (XLF) looks very similar to the Energy sector. A pause and sideways action now for this group that has also led the market rally. Here again a drift lower and a test of support at the latest breakout level might be in the cards.

Select big-cap pharma continues to reward investors with dividend income and earnings power. Pfizer (PFE) was the latest surprise with an impressive EPS report with a raise in guidance. The stock also yields 3.5%. Later in the week, they announced their covid antiviral drug and the stock quickly added another 10% to its recent gain.

On the political side - Everyone can claim a win, which is often what is necessary to get anything done in D.C. In the case of the latest reported agreement on drug pricing, it is true as well. While Democrats are claiming they have broken pharma's "iron grip" on Congress, research analysts believe pharma's CEOs are likely popping champagne and smoking cigars.

A prescription drug pricing plan agreed on by Democrats this week will allow Medicare to negotiate the prices of drugs considered a high cost. In September, some centrist Democrats introduced a narrower drug pricing bill than the one pushed by Democrat leadership. The plan proposed by President Biden yesterday is NOT as aggressive as the one initially put forward by leadership.

The sector has been up in November for nine consecutive years. Both the large-cap Biotechs (IBB) and the small caps (XBI) are in a sideways pattern treading water. That leaves me with the idea to stay with individual companies that have catalysts that could move their stocks higher. Of course, that comes with greater risk that might bring greater rewards. With large gains already in the books, I'm comfortable with taking on that risk.

Last week I noted that the Semiconductor ETF (SOXX) was trading in a range just below the all-time highs. That all changed this week, and the performance of the semiconductor sector has been stunning. Entering trading on Friday, the SOXX rallied more than 1% every day last week. The 1% streak was broken BUT the index made it 5 straight days of new highs.

The semiconductor companies continue to put up the earnings result and the stocks are following suit. I mentioned it was a market of stocks when it comes to the semis and Qualcomm (QCOM) (+23 THIS WEEK) was the latest winner with a blowout EPS report and a raise in their guidance. Nvidia (NVDA) (+17% THIS WEEK) and Advanced Micro Devices (AMD) (+13% THIS WEEK) continue their impressive rallies. Owning the RIGHT stocks in the RIGHT sector goes a long way in improving performance. The Savvy Investor has documented results; I've been doing that all year.

The entire sector is one of the data points I use that signal a strong fundamental backdrop for the economy. With five straight days of new highs, the green light is on, with pullbacks expected.

Bespoke Investment Group:

"Last month, the total cryptocurrency market cap recovered back to its record high that was last seen in the spring. Since then, there has been some consolidation, but at the start of this week, the total market cap topped a record $2.7 trillion."

Back in late October, I mentioned that Bitcoin briefly moved above its April high on October 20th, but that only lasted a day before it pulled back. There was no real follow-through after that breakout. Since then, BTC has been trading sideways around those prior highs. Meanwhile, the second-largest crypto by market cap according to coinmarketcap.com, Ethereum, has continued to press through its late spring highs.

I continue to HOLD Grayscale Bitcoin Trust (OTC:GBTC).

The latest buying stampede may have surprised many, but if an investor looked close enough they saw the positive setup that was occurring under the surface as the "crowd" was paying attention to issues that have little relevance. The stock market is dismissing the chaos in D.C. and viewing the corporate earnings picture in a positive light. Something I've highlighter all year. A strong Corporate America powers BULL markets.

A dovish Fed and another COVID treatment that could signal the end of the pandemic are positives. In addition, a stalled political agenda that now appears to have less of an impact on those important corporate profits is adding fuel to this fire.

Please allow me to take a moment and remind all of the readers of an important issue. I provide investment advice to clients and members of my marketplace service. Each week I strive to provide an investment backdrop that helps investors make their own decisions. In these types of forums, readers bring a host of situations and variables to the table when visiting these articles. Therefore it is impossible to pinpoint what may be right for each situation.

In different circumstances, I can determine each client's situation/requirements and discuss issues with them when needed. That is impossible with readers of these articles. Therefore I will attempt to help form an opinion without crossing the line into specific advice. Please keep that in mind when forming your investment strategy.

THANKS to all of the readers that contribute to this forum to make these articles a better experience for everyone.

Best of Luck to Everyone!

It's time to rise above "average" and stand out from the crowd. What to do now? "Cash in" on the market's gains OR chase stocks into year-end? No need to "guess", My PROS and CONS lists provide the answers.

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This article was written by

INDEPENDENT Financial Adviser / Professional Investor- with over 35 years of navigating the Stock market's "fear and greed" cycles that challenge the average investor. Investment strategies that combine Theory, Practice, and Experience to produce Portfolios focused on achieving positive returns. Last year I launched my Marketplace Service, "The SAVVY Investor", and it's been well received with positive reviews. I've been part of the SA family since 2013 and correctly called the bull market for over 8+ years now.

MORE IMPORTANTLY, I recognized the change to the BEAR MARKET trend in February '22.

Since then investors that followed my NEW ERA investment strategy have been able to survive and profit in this BEAR market. Winning advice that is well documented, helping investors to avoid the pitfalls and traps that wreak havoc on a portfolio with a focus on Income and Capital Preservation.

I manage the capital of only a handful of families and I see it as my number one job to protect their financial security. They don't pay me to sell them investment products, beat an index, abandon true investing for mindless diversification or follow the Wall Street lemmings down the primrose path. I manage their money exactly as I manage my own so I don't take any risk at all unless I strongly believe it is worth taking. I invite you to join the family of satisfied members and join the "SAVVY Investor".

Analyst's Disclosure: I/we have a beneficial long position in the shares of EVERY STOCK/ETF IN THE SAVVY PLAYBOOK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Any claims made in this missive regarding specific Stocks/ ETF's and performance contained in this report are fully documented in the Savvy Investor Service.My Playbook is positioned to take advantage of the bull market with NO hedges in place.This article contains my views of the equity market, it reflects the strategy and positioning that is comfortable for me.IT IS NOT A BUY-AND-HOLD STRATEGY. Of course, it is not suited for everyone, as each individual situation is unique.Hopefully, it sparks ideas, adds some common sense to the intricate investing process, and makes investors feel calmer, putting them in control.The opinions rendered here, are just that – opinions – and along with positions can change at any time.As always I encourage readers to use common sense when it comes to managing any ideas that I decide to share with the community. Nowhere is it implied that any stock should be bought and put away until you die. Periodic reviews are mandatory to adjust to changes in the macro backdrop that will take place over time. The goal of this article is to help you with your thought process based on the lessons I have learned over the last 35+ years. Although it would be nice, we can't expect to capture each and every short-term move.

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