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I hope everyone had a wonderful 4th of July weekend.
The only good news about the market is I have nothing good to say about the markets.
What has me worried this week is the rising spread in high yield credit which we have seen before previous market meltdowns…
The question this summer is how far will the technology crash spread.
As always, Ivanhoff and I tour the market to discuss in detail what we are seeing in the form of momentum. You can watch/listen on YouTube here and subscribe on YouTube if you want an alert each time I do a video. I have also embedded it below:
Here are Ivanhoff’s thoughts:
If we judge by the most constructive charts currently, we can say that the market is pricing a potential recession at some point this year. Look at what is setting up near the 52-week highs list: consumer staples like General Mills (GIS), Dollar General (DG), Post Holdings (POST), Campbel Soup (CPB); auto parts chain Autozone (AZO); online education Stride (LRN); health insurance Humana (HUM); big pharma Merk (MRK) and Eli Lilly (LLY), etc. These are not the type of stocks that (Read more...)