As I have been saying for months, this market has an 85% correlation to 2007. This is particularly concerning, given that the Fed started cutting rates with a 50 bps reduction on Sept 18, 2007, the same date as last week’s 2024 50 bps cut. Stocks rallied then, peaking on Oct 9, 2007, when the Fed’s meeting minutes were released. This year’s minutes also come out on Oct 9 which will serve as a potential market catalyst as we head toward the end of the year. It's certainly a date to watch closely.
