We hope Everyone is enjoying their summer, and we’re hoping it gets a lot better.
As we said back in June, the Nasdaq, the leading market broke out to new highs little over a month ago.
Looking below- the Nasdaq broke out, to the take a breather and consolidate at old highs, this is incredibly positive market action.
During this technical move we are seeing companies like bank of America make 7bl in net profit and google with fabulous results today pushing the stock to new highs.
Source: Bloomberg
Currently the S&P 500 the broad market continues to plug away higher and looks like it will join the Nasdaq on a move to new records. The S&P 500 has less than a 2% move higher to reach its all time highs- we think it will reach these levels shortly.
Source: Bloomberg
If we break through this old high, we think there is a good chance we are going to have another move to all time highs in markets, given this secular bull market is not over, and we don’t know when the moves will occur, this is very positive market action. It’s been 6 months since the market has moved through record highs.
We are only in the early innings of this quarterly earnings season and it so far things are looking quite good.
Enjoy your summer, things are looking very good here, and we’re available to chat if you have any questions.
Chris
