Mike’s Morning Brief – June 8, 2016

Market opens in the green again after another choppy session yesterday, which saw stocks hit 11 month highs and DOW 18K again.  But it failed to hold, and the gains were nearly erased by the close.  The NAS closed in the red.  It’s attempting it again in early trading.  Hillary Clinton made history last night, winning the necessary delegates to become the Democratic candidate in the 2016 Presidential election.  She’s the first woman to achieve this.  Let the Trump vs Hillary debates begin.  The ECB begins buying bonds today.  The Indian PM is in Washington.  The World Bank lowered its outlook for global growth again.  Oil is holding $50, and Energy has been the best performing sector since February.  Interest rates are lower in early trading, showing no signs of a pending Fed rate hike.  Gold is catching another bid while the Dollar is lower.  There is a great deal of movement under the surface in the stock and bond markets.  Volume is ridiculously light.  Conviction seems low.  Complacency seems high.  Summer has a way of dealing with this backdrop, and it usually drives stocks lower.

Have a great day.


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