Stocks End Three-Week Losing Streak Despite Challenges From Surging Yields, Seasonality
Aug 25, 2023
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“Science is the great antidote to the poison of enthusiasm and superstition.” ~ Adam Smith
Good evening:
August has been a challenging month, and we opened this week with the S&P 500 down around 5% for the month. China’s economic woes, rising oil prices, and surging yields here in the U.S. have only added to the challenging seasonality associated with the month of August. Although the market ended up on Friday and slightly higher for the week, Head of Research Tom Lee said he was resigned to August “likely [being] a down month.”
At our weekly huddle, Head of Technical S...