An irreverent look at Wall Street
So, do we rally into month end? Gun to my head, i would think so. FOMC was a major overhang and now its out of the way. Better PMIs, better tech results, better Q2 for financials, oversold conditions, VIX < 30, 200dMA support, overall supportive FOMC ... we should rally to month end
Thanks X. Any guesses for after month end? :)
I'll take it!
Consensus seems to be a summer slowdown/correction/consolidation. My view is what happens in July will be function of Q2 earnings/outlooks and July PMI data. If companies indicate June was better than April/May and if June/July ISM shows improvement, the market will rally to 950+spx. If the data is poor/mixed we could correct to 850spx. Either scenario, Consumer discretionary names will underperform but Materials/Tech/EM should do better.
Wow but Palmoni and X sure nailed this month-end rally. Impressive :)
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