The View from 5th Avenue

The View from 5th Avenue – 6 August 2024

Turn Around Tuesday kept its name as indexes moved higher after yesterday’s carnage. But only a 1% gain for the main indexes (after a 3% drop Monday) may keep traders questioning the actual strength of today’s move. Funds did take advantage of Monday’s weakness though as Goldman’s desk saw its highest one-day net buying in 5 months (per Bloomberg). Japan showed similar traits as the Nikkei rallied 10% overnight, setting up a positive start for the US. There was a lack of Fed speakers (none) and…

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