New highs

With just 2 trading days to close the first half of the year, the S&P500 is breaking into all time highs and more importantly, has regained 100% of the liberation day dip. Despite the fact that 1Q GDP has been revised down to -0.5%, or that trade negotiations are stil ongoing, investors have climbed the wall of worry and have pushed the index through prior peaks. The breath is not great, with only 50% of stocks above the 200 moving average, and we still haven’t found a solution for our deficit and debt problems, but perhaps markets have found new strength after the U.S. muscle flex against Iran, stretching its title as a global behemoth. But we may need more than that for the second half of the year to be able to stay above the prior top. And that’s one of the reasons why the president is pushing Powell to lower rates, and even thinks of replacing him ahead of the end of his term. This market needs to keep the momentum alive.

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