The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Steady as she goes.
News was minor and data releases moved nothing. S&P futures dipped gently overnight, a more common occurrence of late, but they recovered in the premarket and the index opened unch’d. There was some early, but minor weakness, also a more common occurrence of late. And to complete the pattern, the tape climbed steadily into positive territory, printing fresh all-time highs today. The Treasury curve didn’t do much today and 2025 Fed cuts remain at 52 bips. Capital flow was about normal at 103%.
Today was a pretty typical mid-summer trading session so there’s little to discuss. We continue to climb and it’s arguably just momentum and muscle memory at work. It’s happening in slow motion with no drama, as is befitting the season.
Maybe something exciting happens tomorrow but I wouldn’t bet on it and it feels like nobody in the market desires it.
I think people are burnt out on excitement for a while and crave boredom.
See you tomorrow.
-Mike
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