A few weeks ago I was sucked into the positive vibe of surprisingly strong economic numbers and a sense the virus was diminishing. I was expecting stocks to have hit new record levels in June. For a moment on Monday, it felt like they did as the S&P turned briefly positive on the year… but then it faded. It felt like the last bloom of a fading rose….

Markets feel tired – I expect we’re in for long summer stuck in a rut. The economic data looks more sobering while the virus is still burning its way through the sunshine states, and threatens a southern hemisphere resurgency. Expectations aren’t quite what they once were…. For the meantime…

As Q2 Earnings season accelerates… just how painful could it get? Read More