To Have and to Hold?...or to Fold?
Halloween commercials before Labor Day? Is it Pumpkin Spice season already ? Sure, it’s been unbearably hot, but are we really so eager to send summer on its way? What a terrifying idea. With all of the scares being stirred up of late, it stands to reason that Federal Reserve Chairman Jerome Powell would further spook a market that had already been on a two-week slide after a two-month rally, with his hawkish comments from Jackson Hole last Monday, that further interest rate hikes are likely for the foreseeable future. As soon as Powell spoke, a market that had been enjoying a fine premarket rally went into a tailspin. By Tuesday morning, the sell-off turned even more severe but if it proved anything it was that the plunge before the unofficial end of summer was just gaining steam. By the time the calendar flipped to September on Thursday, the SPY ETF, which tracks the S&P 500 index, fell to 390.04, before staging a rally up to 396.78 right before the close, a far cry from th...