Closing Volume
– NYSE volume 7% above its one-month average; Advancers lead decliners by 1.6:1
– NASDAQ volume 0.5% above its one-month average; Advancers lead decliners by 1.4:1
– VIX index: down 6.41% to 15.34
Breadth
S&P 500 Sectors
% Movers
Heat Maps
Position: None
I started writing for TheStreet in late 1997.
This month marks the beginning of the thirtieth year writing my Daily Diary.
I am not sure whether there are any other writers in the business media that have delivered a daily column for nearly three decades.
Thanks to our subscribers for providing me with this forum over the last 29 years (yikes!).
Thanks, too, for your comments and constructive criticism.
Finally, a special thanks to the editorial staff for getting up too early every morning and for dealing with my ramblings professionally and expeditously.
Enjoy the weekend and be safe.
Here is to another 29 years!
Position: None
phillip brantley
Nice column in Financial Times by Bill Gross, “Don’t Own Bonds and Be Cautious About Stocks.” It’s a little dated (09-30-2026) and I don’t know if anyone here has talked about it.
“In such an environment [uneven balance sheet growth], my view is: don’t own bonds, with the exception of one-year Treasury bills, which are now at 4.55 per cent. Be cautious with stocks at record levels as higher yields over time will contract profit margins. Be prepared for the end of “what you are used to” stock markets and higher volatility in prices for the benchmark 10-year Treasury bonds. In terms of specific sectors, I am leery of hyperscalers unless they have price-earnings ratios of less than 20. And while I don’t own these stocks, the decent yields of Verizon and AT&T might be attractive for some conservative investors in the US market — though their businesses are threatened now by SpaceX’s Starlink Mobile in terms of mobile telephone markets. There might also be opportunities in income funds trading at a discount to net asset values. Nuveen Preferred & Income Opportunities Fund, to cite an example where I don’t have a holding, is trading at about an 8 per cent discount to NAV and yields 11 per cent. However, like others in the sector, it would suffer if short rates move higher than expected. Preserve and protect is my current investment motto.”
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Scott Galloway’s No Malice/No Mercy.. “Less for More.”
Less for More – by Scott Galloway – Prof G Media
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It’s (more than) interesting that a priority (released yesterday) of the IRS is to rule on 280E guidance (UTP):
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Here are today’s things:
* I shorted $SPY at $771.85 and $QQQ at $752.11.
* I covered SPY at $767.90 and QQQ at $748.45.
* I added to $MSOS at $4.40, $GLAS at $5.10 and $GTBIF at $6.66.
Position: Long MSOS common (VL) and calls, GLAS (S), GTBIF (S)
Position: None
Wolf Street howls about the composition of the jobs report.
Private Sector Employers Created 46,000 Jobs, Governments Shed 17,000 Jobs | Wolf Street
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Bulls should be emboldened by the continued strength in large-cap technology (Mag 7).
Bears should be emboldened by weakness and reversal (lower) in gold prices, bond prices and banks/financials — as well as the lackluster market breadth relative to the size of the rise in the indices:
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