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In August the US Stock Market had its worst month since May 2012 and there are a bunch of interesting issues going into September, including:
2. Problems in Emerging Markets
3. Fed tapering
We also have an extremely important jobs report coming out that could go a long way towards shaping Fed policy going forward.
We continue to believe that Syria is no big deal and that Fed tapering is pretty much factored into the market. Markets will be volatile as news and rumors come out on both of those fronts but as long as interest rates stay low stocks are still the only game in town.
Another Nail in the Bond Coffin?
PIMCO and Bill Gross built a massive business on the back of the bond bull market. Now they are pushing into alternative investments. When the “Bond King” decides it is time to shift away from his core competency it has to tell you something about the future of the bond market.
Going into September we are making a few allocation shifts: