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Pretty Quiet Week Ahead

June 20, 2023

Good morning,

Profit-taking seems to be in the air at the start of this holiday-shortened week – Futures have been down as much as -.50% over the past few hours on no news whatsoever. It is a much quieter week ahead compared to last week’s event-filled minefield. There are no key economic data releases this week and the only notable event will be Chair Powell’s Congressional testimony tomorrow.

Short-term, the market has gotten overbought (NDR sentiment chart below), and there is an argument for “sell the news” following last week’s rally around the inflation data and Fed decision. Profit-taking shouldn’t be unexpected.

See you Thursday due to the holiday.

Be well,
Mike

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