Hi all,
The markets moved higher this week on continued optimism for a rate cut or cuts later in the year. This optimism is now being fueled by a labor market that seems to be weakening a bit based on the most recent data. To be clear, the labor market is still strong by most measures – it is the trend that investors and traders are hanging their hopes on.
The consumer sentiment number released Friday showed a significant and unexpected drop which also helped with speculation that rate cuts could be coming soon. However, this indicator is usually lagging the actual sentiment.
I feel the promise and hype around AI is also keeping a bid under this market and for now the markets are pretty buoyant. We are back close to all-time highs and will likely stay there however, time will tell if we can break out to new highs.Â
Summer is approaching and earnings season is drawing to a close. Not sure what catalysts can push us higher now. It seems like the rate cut fixation is a little crazy but we trade the market we have, not the one we think we should have. Betting against this market is not a good strategy right now.
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