Tag Archives: FITP
More downside work to be done! Stock prices pulled back modestly in this holiday-shortened week, with the blue chip S&P 500 losing about one-half of 1%. But we think there’s more slippage ahead.
Rate relief needed! Stock prices tried to kick off the second quarter with another rally, but today’s sharp run-up in bond yields hammered the market back down. It seems we’ve reached the point where stocks really do need some help on the interest rate front if the bull is to keep running.
It is what it is! We’re not trying to be cutesy or pretending to be some kind of philosopher. We’re just pointing out that the stock market has a mind of its own.
Tenacious! We’ve seldom seen a stock market that could hold on like this, for as long as it has, without a meaningful pullback. Looking out to the second half of this year, and into 2007 and 2008, we’d have to say that the market’s tenacity is a very bullish omen.