"The greatest enemy of a good plan is the dream of a perfect plan. Stick to the good plan." – John C. Bogle
Happy Monday!
I hope that all of you had a wonderful weekend and that you are enjoying the start of a new week ahead.
I spent last week in both New York and Atlanta and mostly in the office during this first full week of trading post the holiday. It was an amazing week in the markets that ended in Friday’s trading session producing impressive record highs for the Dow, the S&P 500 & the Nasdaq, which also included the Russell 2000 moving up in Friday’s trading.
In my opinion the market is deriving its strength squarely on the belief that a quarter-point interest rate cut is likely in the cards on July 31st here in the US. Fed Chair Jerome Powell provided this increased confidence when he presented his remarks to Congress this week at the semi-annual Monetary Policy Report.
Post the Fed's comments, the S&P 500 proceeded to move higher by .8% ending at 3013.77 now up 20.2% YTD. The Dow gained 1.5% ending at 267,332.03 up 17.2% YTD. Nasdaq was up the most up 1.0% to end at 8244.14 now up 24.2%YTD and the Russell 2000 lost .04% as it ended at 1570.00 now up 16.4% YTD.
In addition, in my opinion the Trump Administration did nothing this past week to disrupt the market, so investors were rewarded. The notion that a trade deal with China is now closer vs. farther away has helped overall market sentiment a great deal.
Please remember to read PointFour’s Weekly Market Updates as we strive to bring you interesting content, new understanding, and ideas.
In the meantime, please enjoy the next blog article where we have highlighted a few Stocks In Our View that we think are worth looking into and news that you may have missed.
Thanks again for your consideration and for sharing your thoughts and ideas with us.
Best regards,
Vinnie
Vincent M. Oddo
Managing Partner
PointFour Capital, LLC