Another holiday shortened trading week.
Maybe we need a rest as the S&P 500 stock index has risen for five straight * weeks and the NASDAQ index has risen for six straight weeks.
In the case of the S&P that is the longest streak since November of 21 and for the NASDAQ the longest since March of 19.
The S&P 500 stock-index is above 4400 even after giving back almost 15 points on Friday.
This has all occurred with the debt ceiling fight, war in other countries and concerns over whether the Fed will stop raising interest rates.
Last week, they didn’t raise for at least one month.
Chairman Powel indicated that the numbers would lead some to speculate that another quarter-point raise would come at the next Fed meeting in July.
That would push the Fed funds rate closer to 5.6%.
The consumer sentiment numbers have moved up to 63%, which is not wildly optimistic but far from pessimistic.
With all that we have discussed to distract traders, there is still a phenomenal amount of money in cash.
I would point out that obtaining over 5% on short-term Treasuries is really starting to grab the public’s attention.
You only have to go down to your bank and find all sorts of options that offer over 4%.
The times are changing from the old days of zero percent.
Last week also saw the initial public offering from CAVA, the restaurant chain from California.
Many see it as the next Chipotle.
I am not a big fan of restaurants as peoples’ tastes change.
That is not to say that traders can’t make money in the short run.
They don’t pay dividends and you only have to look back at the likes of Krispy Kreme to see what can happen.
There is the likes of Starbucks that have become great successes along with McDonalds.
Each to their own taste, I guess you would have to say.
This week, we will hear Chairman Powel speak to the House and Senate.
Not sure that will bring anything enlightening, but it will get much attention.
Secretary of State Anthony Blinken will be in China to talk about all things that matter between the two great powers and more, specifically Taiwan.
We have indicted a President and the war in Ukraine is in a new phase with the Ukrainians counter attacking.
To say we are all moving into the lazy days of summer seems a bit of a misstatement.
It was in fact hazy last week but that was due to the agricultural fires in Mexico.
Summertime conditions arrived with vengeance last week.
The sprinklers are on and the mower is getting with the program.
It seems the more there is to concern us, the more the market rises.
This too will change.
I do have a harder time seeing a recession.
That obviously means that it is just around the corner as nothing is as it appears these days.
