“I measure what’s going on, and I adapt to it. I try to get my ego out of the way. The market is smarter than I am so I bend.” - Martin Zweig

Market Commentary                      

New index highs, with narrow participation:

• The second quarter ended with the S&P 500 and Nasdaq at all-time highs. A narrowing group of companies and sectors, and the "AI traders," continue to power the indexes, while clear deterioration is surfacing in the broader market.
• Value impact from the Russell realignment and portfolio analysts' second quarter window dressing had big impacts on the markets. 
• The number of new 52-week lows did improve as did the advance/decline line.
• Interest rates have been gradually coming down on longer term bonds and the “5% safe haven” has already evaporated.
• While I was expecting a strong endorsement for the solar industry during the Presidential debate it did not occur.

Economic data and market clues: 

Two important announcements regarding the economy this week, the Fed minutes will be released as will new employment data. Both are potentially big market movers, despite a short week.

No big earnings this week.

Current holdings:

Magnet®:

Datadog DDOG

Celestica CLS

Mr. Cooper Group COOP

FACTS:

Amazon AMZN

BlackRock BLK

Arch Capital Group ACGL

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