Going into the last trading day of January, Barron’s is reporting that stocks are having their worst January since 2008. In many cases, last year’s winners are this year’s losers - just take a look at the stocks of Netflix, Peloton, or Zoom for some examples of what I’m talking about.

It was looking pretty grim earlier this week; at one point we were off to our worst start to a year ever. As I alluded to in last week’s briefing, a short term relief rally was to be expected after such a sharp selloff. We did get that very late in the week (4:00pm on Friday to be precise) and the market finished the week in a positive territory.

We are into earnings season and it’s going to heat up with some big companies reporting this week. With markets already experiencing wild daily swings, this reporting season likely won’t be for the faint of heart. The portfolio remains defensive, with very few stock positions being held for momentum trades. We remain positioned for inflation and owning real tangible assets. We’re also holding cold hard CASH.