מה קרה לנו היום ותחושות למחר:
Heavy demand on buying short-term bonds but no demand on long-term bonds, suggesting concerns about the US ability to pay back long-term debt. The result was a pull back in the market averages.
Other events showed better than expected sales for existing homes but also showed increasing inventories.
Yesterdays uptrend gave way for a nice ride down, putting the markets squarely in the ongoing range. Items to watch tomorrow include and initial claims data.
Looking forward more then just a week, you have to consider the variables that are likely to drive the trend. Short-term labor data in June will be released and will be a major event that drives market values. In July, a new earnings season starts, so Corporate Americas numbers and outlook will drive volatility and trends. Geopolitics will play a part on as will the US debt, and the excessive dollar inventory that may translate into significant inflationary pressures.
Increased spending and taxes as governments look for revenues to pay debt will not likely be received well, but nevertheless will be forced on citizens to pay the heavy debt of bailouts, stimulus packages, budgets and whatever else they deem is for the good of the country. You have to decide the best ways to respond, but as for now we take the trends as they come.
Summary: Range bound and proud with a hint of bullish expectation. Sentiment continues to push buyers into the markets, but the trend may not hold if fundamental data takes front seat.
צוות NFI נאוה |