The market has been in a trading range over the last month. With 20 minutes left until the close today, the S&P is almost exactly where it was a month ago. Yesterday's losses nearly wiped out all of the market's June gains. The bulls needed a strong showing today and to this point they are getting a healthy rebound. We'll see if they can carry that momentum through the rest of the week. Volatility should continue as there will be lots of data points over the coming days. There are significant economic reports (durable goods, pending home sales, weekly jobless claims, revised GDP, personal
income and spending, Chicago PMI and Michigan sentiment) over the next 3 days as well as the Supreme Court's ruling on ObamaCare on Thursday. News out of Europe will continue to drive the US markets and the June 28-29 European Summit will surely create some increased nervousness. Germany has muted expectations of any new substantive initiatives, however, the tone of the meetings and any surprises will likely move the markets. It remains a very tenuous investing environment. We are content to be defensively positioned until we get a definitive breakout one way or the other. I will have much to write about in next week's newsletter!
Welcome to the extended version of the BAM Market Note. We are not bloggers by nature but have had clients and friends inquire about our thoughts on the market in between our newsletters. The number and content of posts will likely be determined by the conditions of the markets and the interests of our readers. We would greatly appreciate your feedback and comments.
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