Fear can be a healthy thing, and there are even times when panicking is appropriate. Right now, we have a healthy dose of the former but little of the latter. Still, the media narrative is fanning the flames out panic, but investors are too smart for that.
Its true buyers are on strike, and biding their time, which makes sense considering the issues will be resolved one way or the other shortly. According to the fear and greed index, investors have a healthy amount of fear respecting the unknown.
But there is one known everyone has in the forefront of their mind- buying the dip has been a better bet than even Tom Brady.
There has been spotty buying in tech - particularly chips and software, which belies nonstop commentary about tech being down because bond yields are higher. Bond yields are not really that high and have been consolidating the last two weeks.
The big problem has been the sloppiness into the closing bell - that has to be reversed before I can get super aggressive, but do not let the media talk you into making a big mistake here.
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