Broker Check
Shamrock Capital, Inc.

Patrick M. Kelly AIF®

4370 Swansboro Way
Highlands Ranch, CO 80126


| September 04, 2019
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Greetings from Shamrock Capital.

Ok we know investors have been bombarded with wonderful media headlines. THE YIELD CURVE HAS INVERTED, RECESSION AROUND THE CORNER! U.S. & CHINA TRADE DEAL DEAD! and on and on it goes. With all the market volatility(normal) where the heck are we?Let's look at two charts The first chart is of the S&P 500 on the close of 9/3/19. The second chart is of the S&P 500 on the close of 9/3/2008. The September 3 2019 Chart doesn't look anything like the chart of the S&P 500 on September 3 2008. The 9/3/2008 Chart is listed first.

It is my belief that price leads the news! With all the bad news about the yield curve,China trade negotiations, etc. why isn't the S&P 500 down more? It's roughly 4% off the high at 3027. It seems to be holding it's own even with all the bad news. If you look at the 9/3/2008 chart of the S&P 500 it looks very different. From my eyes it looks like the market is pricing in a series of negative economic events. Having the benefit of hindsight we know Lehman Brothers filed for bankruptcy on 9/15/2008. It's this Pady's opinion the S&P 500 is holding up even with all the negative news. The bottom line is we will continue to stick to our process. Price will lead the news.BE PATIENT my friends!

Charts provided by MARKETSMITH/IBD You can not invest directly in an index.

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