Equity markets had a tougher day on Wednesday than immediately meets the eye. And did you catch what Trump said?
I have often written or spoken of the 'half-way back' economy, symbolized by a 'reversed' square root symbol.
I will tell you this. Nobody I talk to is talking much about Q2 earnings. In fact, Q3 is not even the topic of conversation.
I don't envy anyone trying to put together a model of these moments. So, you look for an intersection where you might be right no matter what.
The only way for the S&P 500 to make new highs is for the remainder sectors to take the baton from technology and do some of the heavy lifting as well.
We are talking about a finessed, intelligent approach to what we see happening in real time.
Other than taking profits, I'm not interested in putting on new trades.
Time to make the leap from avoiding overvalued assets to actually investing in plays that will benefit from a reversion to fair levels of valuation.
What happened? And what does it mean for the recovery?
People will still go to work. They just won't carpool and they won't take the train. They will drive.