The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Moving along.
US stocks rallied gently and headlines lacked market impact. The S&P 500 opened about +5 and bounced between that and flat for the first half of the day. Lunchtime resulted in a small amount of bullishness and the index spent the afternoon in the positive teens. Treasuries rallied small and priced Fed cuts for the year are now 45 bips. Capital flow was 88%, pretty light.
Markets acted as though we were already in the summer doldrums. Without shocking headlines from the White House or other nations, we are left digesting existing news and data. There isn’t much to process today versus Friday so we end up with an uninteresting session.
The quiet newswires and sleepy markets aren’t prompting anyone to rethink their narratives. Consensus is pretty solidly established that we’re in a bull market, we’re going to make new highs soon, the economy is strong, nothing is going to upset the apple cart anytime soon.
I don’t know who is in the mood to fight that narrative. From the low volumes and calmly levitating prices, it doesn’t seem like anyone.
We are all influenced by the chart and nobody is contrarian at this point.
See you tomorrow.
-Mike
IMPORTANT INFORMATION
This is general educational information and market commentary and is intended for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction.
All market and economic data herein is as of the date hereof and sourced from Bloomberg unless otherwise stated. The information is subject to change without notice and we have no obligation to update you.
This general market commentary is intended for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The views and opinions expressed constitute the author(s) judgment based on current market conditions, are subject to change without notice, and may differ from those expressed by other employees of Visdom Investment Group LLC ("Visdom") and Visdom. Past performance and any forward-looking statements are not guarantees of future results. It is not possible to invest directly in an index.
We believe the information contained in this material to be reliable and have sought to take reasonable care in its preparation; however, we do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. Any securities referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by Visdom or by the author(s) in this context. The information presented is not intended to be making value judgments on the preferred outcome of any government decision. This information does not constitute Visdom research, nor should it be considered a recommendation of a particular investment strategy or an offer or solicitation for the purchase or sale of any financial instrument. Investing involves market risk, including the possible loss of principal. You should speak to your financial advisor before making any investment decisions. Visdom and its affiliates do not provide legal, tax or account advice so you should seek professional guidance if you have questions.
