Key Takeaways

- S&P 500 closed at the 52nd all-time of 2021 at 4,509.37, up from 4,441.67 last Friday. This was a weekly gain of about one and a half percent. Nasdaq also closed at ATH.

-Jay Powell’s speech at the Jackson Hole Symposium was decidedly dovish, and he focused on defending the transitory inflation narrative. The Fed doesn’t appear in a rush to taper, although it will likely still do so by the end of the year.

- Energy led the gains for the week and also on Friday as concerns that the approaching Tropical Storm Ida could interrupt crucial supply lines on the Gulfcoast. Small caps showed new life, and Technology was also strong.

- Every sector was up today spare Healthcare and Utilities, which are traditionally defensive.
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To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage but provides the greatest profit.”-Sir John Templeton

Events unfolding in Afghanistan are tragic and concerning. The Delta variant is continuing to perplex policymakers and ravage through vulnerable communities. Hospitals are overwhelmed in parts of the South, and the S&P 500 is closing at its highest level ever. How can that be? The gentleman above was a famed contra...

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