Morning Commentary
Here comes the sun, doo-doo-doo-doo
Here comes the sun, and I say
It's alright
Little darlin', it's been a long, cold, lonely winter
Little darlin', it feels like years since it's been here
Here comes the sun, doo-doo-doo-doo
Here comes the sun, and I say
It's alright
Little darlin', the smile's returning to their faces
Little darlin', it seems like years since it's been here
Here comes the sun
Here comes the sun, and I say
It's alright
Sun, sun, sun, here it comes
Sun, sun, sun, here it comes
Sun, sun, sun, here it comes
Sun, sun, sun, here it comes
-The Beatles
The Beatles classic “Here Comes the Sun” is now known as ‘Here Comes the Fed’ after the Federal Reserve used emergency measures (they carry them around like a box of cough drops) to make all depositors whole at Silicon Valley and Signature Bank.
They rescued Silicon Valley Bank.
The Fed also turned futures around from a 1.5% decline to a 1.5% advance. All this fake stuff feels like a beach party in the Hamptons. On Friday, Real Estate (XLRE) was the hardest hit sector because we had serious problems with commercial real estate and the impact of working from home.
Hint: it destroyed downtown businesses.
There are many challenges still, including getting ‘bacon’ above the 200-day moving average and reversing the string of lower lows and higher highs.
The markets will refocus on the Consumer Price Index (CPI) and retail sales. But today is all about the bailout dressed up as an effort to save the people; you know, regular folks with millions in the bank.
Economic Calendar
Portfolio Approach
We are suspending our Current Buy list in the hotline model portfolio.
Today’s Session
Renewed pressure on stocks and bonds of banks should not come as a big surprise. The market continues to digest the latest on the fallout of Silicon Valley Bank (SVB) saga.
Fed rate expectations continue to move, now the markets are pricing a 96.7% probability of a 25-basis point hike in the next meeting and no more hikes and rate cuts starting in September.
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7/3/2025 9:45 AM | NICE & STEADY AS SEMIS CONTINUE TO CHIP IN |
7/2/2025 1:44 PM | Materials' Strength Continues |
7/2/2025 9:38 AM | BARNBURNER |
7/1/2025 1:29 PM | Rotation |
7/1/2025 9:45 AM | FEAR OF MISSING OUT IS CREEPING IN |
6/30/2025 1:24 PM | Steady As She Goes |
6/30/2025 9:54 AM | SUMMER RALLY STARTS |
6/27/2025 1:35 PM | Reaching New Heights |
6/27/2025 9:39 AM | THERE'S MORE! |
6/26/2025 1:10 PM | S&P Approaches Record |
6/26/2025 9:51 AM | CHIPS MOMENTUM CONTINUES |
6/25/2025 1:42 PM | Tech Stocks Power Nasdaq 100 |
6/25/2025 9:47 AM | CLIMBING MOUNTAINS OF WORRY |
6/24/2025 1:47 PM | Peace Rally |
6/24/2025 9:48 AM | PEACE THROUGH STRENGTH: THE MARKET LOVES IT |
6/23/2025 1:47 PM | Getting Some Resolve |
6/23/2025 9:51 AM | BRACING |
6/20/2025 1:29 PM | Second Triple Witching |
6/20/2025 9:38 AM | POWELL BLEW IT |
6/18/2025 12:41 PM | FED Day |
6/18/2025 9:45 AM | ROOM WITH A VIEW |
6/17/2025 1:26 PM | Tension Continues |
6/17/2025 9:50 AM | THE BIG TECH TEN & CO |
6/16/2025 1:34 PM | Fears Subside |
6/16/2025 9:44 AM | DRUMBEATS OF PEACE |
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