Friday Five at Five: August 25, 2023
1) Market Rally: (Humble Brag)
If you read last week’s Friday Five at Five, you will know that I predicted the market’s upward trend early this week (“Buy the Dip or Sell the Rip”).
In that article, I mentioned that I fully expected the market to rally in the beginning of this week (which it has).
Why?
It’s simple charting.
The technical indicators were showing that the market was “oversold” and therefore the computerized trading would kick in to drive the market higher (short term).
Now, I also stated that what happens next will be extremely important to the longer term direction of the market.
As I write this, the markets are no longer in an “oversold” status.
So, what happens over the next two weeks will be extremely important.
Will the markets continue to “buy the dip” or will they “sell the rip”?
Next week won’t be a very good predicator because it is the last week of “amateur hour” (see article below).
It is the first full week of September that should set the longer term direction of the markets!
2) Amateur Hour almost over!
The financial industry (which I have been a willing participant in since 1997) loves traditions, sayings and superstitions.
The only time I’ve ever seen more people believe in superstitious behavior is when I played football at Beloit college. (I will not bore you with the superstition that we had in our locker room).
The months between Memorial Day and Labor Day I like to call “amateur hour”.
Why?
It’s those months that a lot of our industry “professionals” takes vacations with their families.
They go to the summer homes in the Hamptons.
They spend time with their kids who are home from school.
They don’t work with the same dedication and passion if they work at all.
So, in between Memorial Day and Labor Day, the markets can be more “amateurish” as the “professionals” are not working full time.
The true market direction will show itself after Labor Day when “amateur hour” is over!
3) RANT: Make it easy to do business with you!
For the past few weeks, I have been dedicating myself to the teachings of Donald Miller (Storybrand books).
I have been taking his marketing courses at https://businessmadesimple.com/ as I pay the annual fee for his online courses.
One of the themes is to make it really easy to do business with your company.
Don’t be cute or clever.
I had a “Professional Coach” reach out via LinkedIn (like they all do).
This one struck a nerve though.
This coach was unique because he did not use the boilerplate, “I was reviewing your profile and I am so impressed with your accomplishments. We should meet and you should do business with me because I am awesome” typical verbiage.
This one sent me a personal message, stating that they were going to be training in my town soon (probably a lie) and asked for a recommendation to a good steak house.
So, I replied that I am from Chicago (where we had so many great choices) and that down here in Sarasota we have many great seafood restaurants, but not steak houses.
That started the conversation.
Then I checked out his profile and was interested because he was not only a “physical coach” but also focused on sleep, diet, energy and being the best at work.
He asked if he could send me some info on his four pillars on how to be better.
I agreed.
He sent me a personalized Loom (brief video) with my LinkedIn profile as the backdrop (genius)!
Then he asked if we can talk for 15 minutes next week.
I agreed and sent him my Calendly link to pick a time.
Then he sent a message back to me and asked if he minded if he used his own Calendly link. This made me slightly frustrated as I already sent him mine.
But I agreed.
Then he asked me for my email address so he can send it there.
Now I was pissed and I deleted his messages.
Why?
We have been communicating via LinkedIn. He could have sent it there.
And, this is the biggest reason, my email address is in my LinkedIn profile had he taken the time to look.
He wasted my time by keep asking me to make it easier for him and not making it easy for me.
I gave him ample opportunity to pitch me on his services, which I was originally curious about.
He then made it hard for me to learn more and wasted my time.
So, my advice to all small business owners, make it really easy for people to do business with you!
I may have already hired him as a coach if he just used my damn Calendly link!
4) Happy Birthday Mom!
I am excited as my parents are coming to visit me next week as we celebrate my mom’s 121st birthday!
Ok, she’s not really 121 years old, but I just added that to see if she really reads my Friday Five at Fives!
I’ll let you know next week if she calls or texts me and yells at me for telling all of you she’s 121 years old!
But in the meantime, if you know my mom or are friends with here on Facebook, be sure to wish her Happy 121st birthday next Thursday, August 31st!
I like to think the person that invented the umbrella wanted to call it brella; but hesitated!
Kevin T Clark, RF™ is the CEO and Co-founder of Plan Confidence Corporation (PCC).
Kevin is an ERISA Nerd and one of only a hundred(ish) Dalbar certified Registered Fiduciaries (RF™) in the United States. He has been helping hard working Americans invest their money since 1997!
PCC is an SEC registered investment firm specializing in providing advice to hard-working Americans investing in their employer’s retirement plans (401k, 403b, TSP, etc).
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