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Five of the last seven trading days have been in the red. While I don’t believe we are headed for a bear market, there’s no question of bearish sentiment. Last week, we saw four straight days of losses. In addition to the August payrolls miss, investors were also concerned about political uncertainty. In previous weeks, it was monetary policy that was front and center.
Now, there is a concern over fiscal policy and the infrastructure bill. We learned last Wednesday that Senator Joe Manchin only backs $1 trillion of President Biden’s $3.5 trillion proposed spending plan. It’s my belief that the Street is counting on this package, and it doesn’t go through; we could see heightened volatility.
