Narrations of a Sector ETF Operator

September 21, 2025 The past week was dominated by the Federal Reserve’s September policy meeting, which delivered a widely expected 25 bp rate cut and a dovish dot plot signaling another 50 bp of easing by year-end. Chair Powell characterized the move as a “risk management” cut in response to signs of labor market softening,

September 7, 2025 We’ve seen several developments over the past six weeks that may signal a reprieve from the dominant Mega Cap. Growth and AI trade that has underpinned the equity bull trend since 2023.  We’ve mentioned Warren Buffets move to bottom-fish UNH and several prominent homebuilders.  The US Government has taken a 10% stake

September 1, 2025 Last week, we detailed the emergence of the Fed as a key player in the 2nd half of the year after Powell signaled intent to lower rates.  The stated goal is to support the softening employment picture.  Tariffs have added some cost pressure which factored into the Fed’s decision but haven’t registered

August 24, 2025 On Friday, we talked about the retracement of Growth shares playing out over the near-term and concluded with the point that the Fed would play a pivotal role in the 2nd half of the year.  We only needed to wait hours for Powell’s Jackson Hole speech to move the markets.  This time,

August 17, 2025 In last week’s missive, we noted the narrowing breadth of the bull market as the number of S&P 500 constituents trading above their 200-day moving average remains below 60% which is a lackluster reading with the Index recording several all-time high closes since the beginning of July. We’ve also noted that since