Not a bad way to start the half, granted we've got a loooong way to go. Also nice to see that "statistics" once again were a good predictor. Historically July 1st is one of the most bullish days of the year, being an up day 87.5% of the time over the past 21 years. Markets were ready to achieve this by whatever means necessary, shrugging off a higher than expected Manufacturing PMI, declining construction spending, and an expectation revision for US GDP from JP Morgan that looks suspiciously like it’s predicting a recession. The optimism wasn’t always a constant – as has been recent fashion, the markets were volatile intraday (volumes also muted: SPX -13.71% vs. the 20 day moving average), with multiple intraday moves greater than 1.5%. Value outperformed growth (SPYV +1.25% vs SPYG +0.71%), although with only one sector in the red, today felt more about the tide than anything else.
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