Even though the S&P 500 (SPX ) is only down a little today, the inter-market action reinforces our view the market is ready to consolidate and rest.  Treasury yields are lower, Gold is higher, Corporate Credit is weaker, and Growth is outperforming Value.  There is clearly profit taking going on that is bigger than a bunch of Robinhood traders taking profits.

As we said Monday and again this morning in our macro posts, the gains over the past two weeks have been extraordinary and likely a bit excessive.  We expect a consolidation summer and today is the first day in a few weeks that its hinting at it.


Past performance is not a guarantee of future results. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.

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