A few midday notes!

We do not usually write to you midday but had a few thoughts.

Just a reminder that we are now entering the end of month and more importantly, end of quarter window dressing period. Of course, this is all illegal so it does not happen.

We are just letting you know that major indices have been in the midst of penetrating that big ugly day of August 24th. With  markets straight down since Fed day, with markets oversold and with markets needing to defend the lows, we suspect some of the ugly could get relieved for a time. We are starting to see some of that on an intraday basis today. Of course, it is early and anything can happen into the close. We just think we could be overdue to bounce. It does not change the bigger picture.