The Bull-Trade Is Tiring, But Still Working

The upside still has momentum

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Our View

Retail sales increased at a slower pace in May and production at US factories increased more than expected in May. This my friends is the world we live in. Where everything is evolving and nothing stays the same. Despite some parts of the economy doing well, I think interest rates and geopolitical problems remain front and center. 

I still think we see higher prices, but I will say one thing: there were times when the ES and NQ acted tired. Not that they didn’t go down — they did — but there was not much ‘snap’ in the snapback department…it was more like a low-volume grind. 

And guess what? The summer trade hasn't even kicked into gear yet. 

Speaking of summer, a recent survey suggested that nearly 82% of Americans plan to travel this summer, which could be more than 212 million adults throughout the season. This number is down from summer 2023, with 3% fewer people intending to travel at least once this summer as of April 22, 2024. I can't wait to see what that looks like.

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