by Robert Holman | The Defensive Advisor | www.defensiveadvisor.com
INSIDE: Current market rating, the economy, and a free offer.
MARKET RATING … My current opinion is more cautious than earlier this year, now at 7 (where 0 - 4 is bearish, 5 is neutral, 6 - 10 is bullish). As predicted by this report in mid-March, Mr. Market is now moving sideways, with down days being offset by up days and vice-versa.
Not much change overall, except that we know a little bit more about the Fed than last week, but with little market impact to date. Yet, it seems that at least some out-of-favor stocks are now starting upward moves. If this trend continues, we will be returning to a strongly bullish environment
THE ECONOMY … Primary worries remain inflation and interest rates – the most current core-CPI reading was 3.8% in May, following 3.0% in April, and 1.6% in March. The bond market views these increases as temporary, as the rate on the 10-year Treasury note has declined in recent weeks.
The Federal Reserve meeting produced mixed results and produced several down days followed by a big up day on Monday. So, the Fed has not affected the market this time. Fed CHAIRMAN Powell is meeting with Congress this week, and might say something more revealing, so Mr. Market is still cautious at this time.
STOCKS … Picking stocks – the right names - that will perform strongly in this environment has been challenging recently, yet good opportunities still exist. Selection and timing are important. It does look like large-cap tech is on the move upward. Capital gains will likely be coming slower than in the immediate post-Covid environment.
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