Momentum faded a bit going into the Labor Day holiday weekend; but sure that's not unusual. Plus you have pundits 'chattering' about how September's first trading week tends to be negative; well we'll see if so. Perhaps not; and already it is pretty stable in favored growth and/or speculative new-era plays.

Also September will possibly get the first (of a series possibly) Fed rate cut; a presumed plus for equities, particularly the smaller-caps. Most that we focus a bit more on these days are in specialized areas that are benefiting from what is a National (or even global) focus on; and there's been some concentration of buying by institutions in a few of them.

It's not a caution; just recognize that we embraced several, at not just half the current prices, but even lower. So buyers at the higher prices might feel just a bit more anxiety about holding positions; while some of us are (as old sayings go) playing with 'house money' at this point (or have strong conviction to hold for anticipated more-significant gains, regardless of the very low entry levels).

There's nothing pertinent to discuss. So enjoy the holiday and we'll tackle what promises to be an interesting September, which might not conform to the typical 'weakest month of the year' moniker. Or maybe it does; however I'm primarily focused on 'new-era' (AI, drone, etc.) tickers you know, which try to behave somewhat independently. And sure, I could debate what flows from the US Appeals Court ruling; which could be a welcome development to some companies; but not to others. NO clarity as of yet at all. 

I can't say I like small-caps overall; or certainly not the extended S&P, which ought to have significant difficulties trying to advance much more; and that's not just 'seasonals', but valuation concerns related to mega-cap dominance.

Bottom line: good week, and a bit of rest, for the market, and for me ahead. 

In a perfect world, S&P will start Tuesday defensively; with so many analysts denoting the vulnerabilities in September, and then possibly stabilize, while a selection of specialty stocks could very well be stable to start, then advance.

Lastly, as we go to press, a U.S. Appeals Court has ruled that Trump Tariffs are illegal. We'll see what happens; but probably the market will mark time on a story like this; and 'if' it prevailed it might be a plus for some; not for others. I personally have thought the effort to hold stakes in our companies is the most dubious of the efforts (sort of 'extortion racket / mafia like' at first blush, even if justified in terms of recovering from decades of economic deconstruction). So, sure, we'll see; the Court is upholding the International Court Ruling, because a legal clause under which the tariffs were imposed, didn't allow for what the Government's doing. So that leaves the status of the tariffs still in 'limbo'; so we shall all watch this. It will end up in the Supreme Court which is pro-Trump.

Enjoy the holiday; see you Tuesday!

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