We had everything aligned yesterday for today and today was a good day. Bull market, short term up, all good. Today’s close was less good. I don’t think there’s much to do with that except that not gun it for tomorrow. More chance for bumps tomorrow but generally the market wants to go up. The market’s not near short term overbought so even if closes mean down tomorrow, there’s still upside in this short term move. Market action is, as you see very good.
It was a few months ago (maybe 6 months ago) I said to subscribers something like above 440 SPY (or so, I don’t remember exactly) upside to new SPY highs. And lookie lookie we’re at new all time highs. But I have to apologize. When I said that I was being conservative. It can go to 510 SPY on this move. Then we assess from there. There’s still more up than 510 but we’ll have to assess then.
GDP estimates came back to normal a little bit but still up 3%+. Still good.
We had a few Fed speakers today. One comment said expect rate cuts later in the year. I think that’s too late for markets but it buys the Fed time to actually not cut as inflation picks back up. Another comment said that inflation is coming from shipping issues. Again, we’ve seen a pickup in ISM and wages. Let’s see if there is more inflation coming. I’m bullish on oil. It may take a bit for it to catch a bid though.
Arm up big on more good tech news. AI driving a big ol cycle and NVDA at the center.
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