Good morning. Happy Tuesday.
Summer is here. We got some movement yesterday the first 90 minutes and then the market traded in a tight range the rest of the day. Get used to this. Opening gaps are still playable, and we’ll continue to get movement from economic & earnings reports. But as volatility declines, don’t trade under the assumption we’re going to get a constant flow of intraday swings. Here’s the VIX. This is the lowest level since last Sept.
Here’s the SPX weekly. I continue to see nothing wrong with the action. A solid rally off the March low has led to two months of consolidation. This is perfectly normal and healthy.
That’s it for now…no reason to over-analyze the charts when not much happened yesterday.
Today is the last day of Q2 – who knows if there’ll be some funny moves as fund managers shuffle their portfolios. Unemployment numbers come out Thursday. The market is closed Friday. More after the open.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s leaders & laggards
this week’s earnings & economic releases