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I have been saying for a while to proceed with caution. The market was setting new highs on light volume, which is never good!

Stocks were down across the board yesterday as a rise in bond yields, and the dollar is the recent culprit that created selling in all exchanges.

All markets today were weighed down by rising bond yields, particularly the small-cap Russell 2000.

All indexes continued their forward momentum. Volume picked up slightly on the S&P500, while the Small Cap Russell saw impressive volume on Tuesday.

Before I talk about Upstart, let’s talk about the overall market today. All indexes, as you see, had very nice gains again today.

All indexes set new highs for the week ending 10/11/24. I am surprised, to say the least. Volume on both the S&P 500 and the NASDAQ Composite was extremely light.

All indexes we follow closed down today: S&P 500 5,695.94 down -0.96%, the NASDAQ down 41,954.24 -1.18%, and the Russell 2000 (2,193 -0.89%).

None of the markets I have been speaking about have gone anywhere since I called the short term top in the market in July.

If you are listening to CNBC or Bloomberg (as I have recently), you would think there is going to be a recession because the market has stalled since the Federal Reserve cut rates last week.