Last week was a feeding frenzy for the bears. The Trump White House did a fine job of providing the bears with ideal feeding conditions with new and more outrageous controversies daily. The result was another week in which key indexes were pushed into further declines right into the end of the week, and right to the edge of key support.
In the end, all news considered, the bears got their fair share of individual names, but the overall market held onto bullish territory. As you’ll see in this week’s Market Outlook video the market internals continued to deteriorate, but Friday’s action in many assets began to show signs that the bulls were not all on vacation. Next week, however, the bulls may not be so lucky.
The take away from last week should be that the market doesn’t seem to really care who Trump hires or fires as long as it is not Mr. Cohn (and I’d guess Mr. Mnuchin too). So prepare for more volatility, and focus on the charts in this week’s video, not who’s leaving the White House staff next. The last few weeks of the summer could be a hot ones for stocks.
Video length: 00:16:44
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