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The call for this week
By: Jeffrey Saut | September 5, 2017

Gideon John Tucker wrote "No man’s life, liberty or property is safe while the Legislature is in session." Those sage words are just as pertinent today as they were when first scribed in 1866. And, those words should be considered this week as Congress returns to D.C. with an uncertain legislative agenda. Adding to the uncertainty is North Korea’s successful hydrogen bomb explosion over the weekend. Our sense is that if there is going to be a downside feint it should begin this week. Certainly the seasonality is right for that with the D-J Industrials losing ~1.09% in the month of September 41% of the time. Also of note is that the August – November timeframe for years ending with the number “7” have a tendency to be a difficult time for stocks (1977, 1987, 1997, 2007 . . . 2017?). Moreover, the Momentum Indictor is short-term bearish, the Breadth Indicator is neutral, and the Sentiment Indicator is showing extreme complacency. This morning the preopening S&P 500 futures are down only 5.50 points despite renewed tensions on North Korea’s H-bomb success. Typically the day after Labor Day is an “up” session, so traders will likely play for a rally emboldened by the UTX takeover of COL. We continue to exercise patience.

https://www.raymondjames.com/wealth-management/market-commentary-and-insights/investment-strategy

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