Transcript
Hello, and welcome to Thursday. Well, the market was down today ended up down almost .6% for the day on the S&P 500. Probably the most interesting thing about today was that it was up a little bit, and then fell all the way down into the range that we just got out of, and maybe about halfway in and then jumped all the way back out again, which was really interesting. So again, that range is providing support. I mentioned yesterday that above the price that we’re at now, especially in the S&P 500, there’s an awful lot of volume that happened near the highs that were established. And what that means is that’s resistance.
So as the price gets back to that point, those people back in February and January that had purchased at that time, might be trying to get their money back. And so you’ll see some real probably churning here as this market tries to break through that. And that seems to be what’s happening. So don’t be surprised if there’s a little bit of volatility. Now, we obviously have some pieces that are working still, today, the Extended Duration Treasury was up 2.2%, even though the market was down, Long Term Treasury was up 1.5% semiconductors were up 1.3, innovative technology was up 1.2. So still have some pieces that are making money. And it’s sort of what I said yesterday, either on the highway or you’re not on the highway. And so as long as we’ve got those pieces working correctly, it goes.
But we’re also getting a big spike in the virus. And so eventually, that’s going to lead to some fear. Maybe there’s more hospitalizations, and those types of things. So we do have to be careful. It’s why we put these long term treasuries into the portfolio, I call them parachutes. You want to have your parachutes in your portfolio, so when they fall, they’re going up. And so we have a whole host of ideas on what to do, as those pieces start to deteriorate if that does happen, and lots of parachutes that we can put into the portfolio to slow down and ascent. It’s not always easy. We don’t get it perfect, that’s for sure. But we do have a plan for it. So that’s what we’re working on right now. And so I think things are going to be okay, so far. What I’m seeing is very normal motion. And I hope things work out. We’ll look at what happens tomorrow. Thank you very much.