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The downside risk is 45% based on earnings multiples right now from current levels. That’s 10% less risk than the highs reached earlier this year due to improved earnings and the recent selloff.
All-time highs are everywhere, and it’s all been about earnings. They’ve been nothing short of phenomenal for the 3rd quarter. The other huge implication has been a significant reduction in risk.
It’s all been about earnings. They’ve been nothing short of phenomenal as we’re closing in on a quarter of companies having reported for the 3rd quarter. They’ve led the DOW to an all-time high and placed the other indexes within a good day of reaching them as well.
Non-tech stocks and cryptos were the story over the past week as the DOW & S&P 500 rallied off recent lows along with Bitcoin surging past $55K – the highest since early May.
A strong rally to finish the week still wasn’t enough to ward off the worst week for stocks since February along with September, having once again earned its reputation as generally being a losing month for stocks.