Market Recovers from ‘Tokyo Monday’ Selloff Ahead of Jackson Hole Array ( [cookie] => 036ab8-6547a6-cf8512-7b95b8-269f28 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_macro [visitor_id] => 591084 [reason] => [method] => ) 1

“Fear is the enemy of logic. There is no more debilitating, crushing, self-defeating, sickening thing in the world – to an individual or to a nation.” ~Frank Sinatra

Good evening,

Fundstrat Head of Research Tom Lee saw this week’s market movements as strengthening his conviction that markets made their bottom on August 5. In fact, as Head of Data Science Ken Xuan noted, the S&P 500 has recovered all of the ground it lost during the recent selloff. “Much of this can be attributed to Tech, Discretionary, and Financials,” he pointed out at our weekly research huddle.

Head of Technical Strategy Mark Newton was on a well-earned break this week, but he nevertheless managed to reach out from parts unknown to comment on the recent rally. “The broader rally from early August is quite constructive and, as such, I do not expect any August drawdown to breach early August lows,” he wrote.