The market has been very slow lately.
But actually this stealthiness has been deceptive. It turns out the market is on a tear.
Dan Greenhaus (@danBTIG on Twitter) notes that actually the market has been on a Twitter:
It remains a quite rally to the upside, no doubt about that. How quiet? The S&P 500 is up 5.6% in July which, if it closed here, would be the strongest month since October 2011 and the 17th best month dating back to 2000. And yet, just two days this month have seen gains/losses of more/less than 0.55%. A volatile month it has not been. On the day, financials continued their recent run and are up 7.3% this month alone. However, for all the focus on financial earnings and yield curves, it’s been a better month for biotech stocks (now they’re dealing with M&A), auto and related names (JCI +8.3% the other day) and energy equipment and service names (SLB is up 17% just this month).
Bigger picture, it remains impressive that markets are at new highs, while yields have surged, and so many other global markets have turned in some way or another.
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