The Week Ahead: Is It Time For The Summer Rally?
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This week’s calendar includes plenty of data and a holiday-shortened week. The employment report looms, with many worried about a repeat of the weak May results. With Brexit apparently digested and the Fed on hold, I expect some attention to the possible upside. The financial media will be asking: Is it time for the summer rally?
Last Week
Brexit was the big story. The market rebound was surprising to many, forcing a change of perspective. The economic news was mostly good, but got short shrift.
Theme Recap
In my last WTWA, I predicted another week about Brexit, with emphasis on the possibility of a market turning point. That is certainly how the week started. CNBC even bumped Shark Tank and the West Texas guys from the 7PM EDT slot for another round of Markets in Turmoil. After stocks moved higher, the schedule went back to normal.
Last week’s “Final Thoughts” section was also on target, suggesting a weak Monday, but emphasizing the need for investors to consider the plausible range for the week’s trading.
The Story in One Chart
I always start my personal review of the week by looking at this great chart from Doug Short. You can clearly see the exciting path for the week – early weakness in the S&P 500 from the continuing Brexit selling, a big, three-day rally, and a flat Friday as people left early for the long weekend. Doug has a special knack for pulling together all of the relevant information. His charts save more than a thousand words! Read his entire post where he adds analysis and several other charts providing long-term perspective.
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