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Assessment: Pretty boring day yesterday. Almost felt like summer trading. It’s like the market is bored here. The bulls see nothing to really dive in and buy and the bears appear not that eager to sell into this. When you have that sort of situation it lends itself usually to either sideways trading or a slow grind upward…which is where we are right now.
Unfortunately, I do not know what will change the tenor of this market. We did get some concerns about bank closures, but those were dispelled as nothing to worry about and very limited. Although as I said to someone yesterday…that’s what we hear all the time and then something explodes…COVID is no big deal…then it is. The residential mortgage concerns in 2007 were to be limited and minor…until they triggered the biggest sell-off since the Great Depression.
Good luck in your trades!