This column assumes that ETFs are the primary investment tool for the reader.

Please see my weekly market summation for a review of the macro-economic environment and general macro-level market trends.

Investment thesis: the macro-averages are now in a bullish posture; it’s a good time to take a new position. But be careful; defensive sectors are starting to rise, indicating traders are a bit more cautious.

Let’s start by looking at last week’s market activity, beginning with the treasury market:

TLT 5-day

The treasury market moved lower on Monday and then traded sideways for the rest of the week. Volatility was higher on late Tuesday and Wednesday as the market digested the whipsaw activity regarding additional fiscal measures. Also note the sharp sell-off and subsequent rally on Friday, likely due to additional fiscal talk.

SPY 5-day

SPY trended higher for the entire week as shown by the central tendency line

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The Virginia business community is cautioning the state about the economic effect of making its COVID-19-era regulations permanent, which will be discussed Wednesday during a Safety and Health Codes Board meeting.

a building that has a sign on a city street

© Provided by Washington Examiner

Virginia became the first state to add temporary COVID-19-related regulations to the books about two-and-a-half months ago, which included face mask, social distancing, training and record-keeping requirements. Business advocates have said the regulations have made it more difficult to operate in conjunction with the other economic restrictions imposed on businesses during the pandemic.


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The Virginia Business Coalition, which represents 33 business groups, opposes permanent standards. Nicole Riley, the Virginia State Director for the National Federation of Independent Business, which is a member of the coalition, said the pandemic is ever-changing and permanent requirements remove flexibility.

“As scientists study COVID-19, the information is ever-changing on how it spreads and how best to

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With no end in sight to the coronavirus pandemic and the job losses it has wrought, millions of U.S. homeowners are behind on their mortgage payments. 


With no end in sight to the coronavirus pandemic and the job losses and financial pain the crisis has wrought, millions of U.S. homeowners are behind on their mortgage payments and struggling to hang on to their abodes.

First-time, minority, and lower-income homeowners are among those most at risk of losing their homes. About 17.4% of the roughly 8 million Federal Housing Administration mortgages, primarily made to these more vulnerable borrowers, were delinquent in August. Roughly 11.2% of FHA loans were seriously delinquent.

Put another way, that means about 1.4 million households

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Nifty 50 September Futures (11,490)

Despite the Asian markets being flat, the Indian benchmark indices opened with a gap up. Both the Nifty 50 and the Sensex spot indices inched up and are now trading higher by 0.5 per cent and 0.8 per cent, respectively. Among the Asian majors, the Nikkei 225 and the Hang Seng are flat today.

The market breadth of the Nifty 50 index is neutral i.e. the advance-decline ratio is at 25-25 even as the index has gained today so far. On the other hand, the mid-cap and the small-cap indices are trading in the red between 0.4 and 1 per cent. That is, only the front-line stocks seem to be gaining; that too, not all the stocks are up. This is not a good sign from the sustainability point of view.

Among the sectoral indices, the Nifty metal index is the top gainer, up by

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