Sit On Your Hands
U.S. markets are heading into the three-day weekend with a mixed outlook. The S&P 500 and Dow are trading below fair value while the Nasdaq remains slightly higher. Strong U.S. employment numbers are pressuring stocks, while gold has fallen sharply and crude oil remains slightly lower. Despite the morning weakness, the major indexes have shown little movement for the week, with the S&P 500 up slightly and the Nasdaq 100 essentially unchanged. Bitcoin has been a standout performer, while crude oil has gained nearly 6% for the week.
Several major ETFs and sectors moved back onto buy signals Thursday, including Canadian and U.S. financials, gold stocks, technology and broad-market ETFs. However, the presenter recommends sitting on the sidelines Friday rather than acting on these fresh signals, waiting for confirmation next week. The Russell 2000, small caps and micro caps have yet to fully participate. With a long weekend approaching and a mixed market open expected, the strategy is to remain patient and reassess after the weekend.
Stephen Whiteside
Friday, September 4, 2026
