July 1, 2022
Good morning,
News this morning is bulging with all the dreadful superlatives about the first half – global stocks and bonds have fallen by the most on record, (at least according to Bloomberg data going back to 1990). The S&P 500 Index had its worst first-half in over 50yrs. U.S. fixed income had its worst half ever – that data goes way, way back. The list goes on.
U.S. Futures are not signaling a positive start to the second half and have been actively bouncing between minus .25% and -.50% for hours now ahead of the cash open. Maybe it’s just traders positioning before jumping onto the Long Island Expressway to head east for the long weekend – BLADE is sold out.
It would normally be a quiet day ahead of the summer holiday weekend. This year it may only be a low volume day, which could possibly enhance intra-day volatility. Either way we shouldn’t take away too much from it.
That’s all from me this morning too. I’ll be back Tuesday and Thursday next week due to the holiday. Hope you have a great weekend.
Be well,
Mike