Transcript
Hello, everyone, welcome to Thursday, we had another update today, the S&P 500 was up just a little bit over .4%. The market generally does fairly well in the Fourth of July holiday week. And this was no exception. We’ve had an update all four days this week, which is great. What was really interesting about today was that the market opened up even higher, and was jumping through the top barrier that we have in this last little channel that we’ve been stuck in, it didn’t hold, and it didn’t stay there, and ended up falling back into the channel. But that’s a good sign, it’s been knocking against the top quite a bit.
There is a fair amount of resistance right above where we are really having to do with the all time high that we hit back in mid February. And so it might be some time before we can if we do continue up before we can really break out of that top piece, just with that resistance. One of the things that we’re seeing right now that seems to be driving the market here in the short term has a lot to do with expectations. So there’s expectations right now for reporting that’s coming out whether it’s on unemployment, or company reports, the expectations are too negative. And so what’s happening when the actual information comes out, there’s a surprise to the upside.
So Tesla came out, and they delivered more cars than expected, for example. and that type of thing is happening today had a lot to do with the unemployment report with more people getting back to work than was expected. So at the moment, the expectations by the analysts are actually more pessimistic than what has happening in reality. And so the market is adjusting to that to the upside. So hopefully, we can continue to break out of this little range that we’re in and get back up towards the new high and see how things go. I want to thank everybody for watching this week. And I look forward to talking to you on Monday and everybody have a really good Fourth of July holiday. Thank you.