The View from 5th Avenue

The View from 5th Avenue – 21 August 2024

The market tried, it tried hard to drum up some volume today but in the end the effort was futile. Despite some relevant earnings this morning, BLS nonfarm payroll revision and July Fed meeting minutes, volumes remain MUTED (to say the least). The S&P 500 rose to close slightly positive on the day on some of the lowest volumes of the year (-31% vs 20d avg) but it is now up for 9 of the past 10 sessions and is firmly above the 50d mavg with its sights set on the ATH of 5667. Also, worth a quick…

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