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My Gut Feeling For Today January 14, 2014

January 14, 2014 / scott / Federal Reserve FOMC, Investing, Jobs & Payrolls, Monetary Policy / No Comments

While yesterday was an official travel day for me, I was able to stay on top of the market action. For the most part, the markets were nonplussed for the first half of the session. Then, after Atlanta Fed President Dennis Lockhart said that he supports further reduction in quantitative asset purchases (i.e. tapering), the markets took a tumble. Some believe that the reaction was also a delayed response to Friday’s disappointing jobs number. To be honest, a 1.26% decline in the S&P 500 (SPX) which traded in a 1.52% range is nothing to get worried over. The 2014 New Year’s pullback stands at 1.62%, again nothing to lose sleep over.

A Goldman Sachs’ (GS) analyst predicted a 10% market correction assigning to that prediction a 67% probability. It would be naïve to think that the markets would not incur some sort of correction of 5 – 10% at some point this year. I believe that is likely to occur. That being said, it is a fool’s errand to pinpoint when that would occur. Embrace such possibilities but do not bet on them. It does not hurt to raise some cash. Recall that in My Gut Feeling For 2014, I was expecting a back-ended year.

Today the markets will focus on earnings form JP Morgan Chase (JPM) and Well Fargo (WFC) rather than apocalyptic commentary from analysts or economists.  

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Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC had no positions in stocks mentioned — although positions can change at any time.

LakeView Asset Management, LLC is a registered investment advisor specializing in high net worth private wealth management. For more information on investing with LakeView Asset Management, LLC call us at 888-9LAKEVIEW or request more information by clicking on the contact button on the top right hand corner of the website                                                                                

Scott Rothbort is also the publisher of the LakeView Restaurant & Food Chain Report, a newsletter focusing in on food, restaurant and agricultural stocks. A subscription is included with a paid Platinum Membership to Wall Street All-Stars or an individual subscription to the newsletter which can be ordered at www.restaurantstox.com 

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JP Morgan Chase (JPM), S&P 500 (SPX), Wells Fargo (WFC)

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