“There seems to be something wrong with our stock markets…”

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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…

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