Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened in the green but quickly reversed to the red, as the Bull continues to chug along amidst tremendous turmoil and confusion. Much of the issues are political and geopolitical in nature, while Corporate America continues to execute efficiently, though without clarity on taxes and policy from Washington. Global Markets were largely higher on the back of more solid economic data from China. The vote in the UK is going to be anything but decisive for Prime Minister Theresa May’s vision, a complete reversal from a month ago. Crude prices continue to leak while money has been flowing back to bonds. The 10-Year yield is sticky around 2.2% for now. All indications are President Trump will pull the US from the Paris Climate agreement. That’s not pleasing to many, including some of his cabinet members including Secretary of State Rex Tillerson. China, India and the EU have reaffirmed their commitment to the agreement. The Market correction we had been expecting seems to be upon us. The defensive moves we’ve made in recent weeks should provide some insulation to the sell-off.
Have a great day.