WOOF WOOF: US indices greeted the dog days of summer with a new 5-month high yday, but today's less enthusiastic open makes it clear this isn't going to be a cakewalk for stocks No doubt the recovery's come a long way, but the stubborn growth of virus cases is stalling further progress (just ask airlines, restaurants, etc...) and more co's every day seem to flag coming job cuts (BKNG the latest this morn). COVID cases seem to have come off their peak however (for now), factory orders followed up yesterday’s good PMI # with a solid figure itself and June home prices had its largest monthly gain in 7 years. Cyclicals are having a day (banks notwithstanding because, why would ya) with travel names better on talk of improving trends. REITs are taking the Facebook-Vornado news well and Ford is going better on a CEO change. Despite some singular moves, the overall indices are in a holding pattern, albeit slightly in positive territory.
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