The View from 5th Avenue

The View from 5th Avenue – 27 June 2023

Put it down to positioning. All major indices went from bottom left to top right over the course of today, indicative of machines systematically walking things higher as we head into month/quarter end on Friday. There were some concerns early doors when Walgreens (-9.3%) issued weak guidance, but robust economic data dispelled any lingering worries. For example, Consumer Confidence rose to 109.7 from last month's 102.7, and the Richmond Fed index improved to -7 from May's -15. In addition, Hous…

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