Transcript
Well, hello, everybody, welcome to Friday, the S&P 500 was up almost .7%. Today another really good day, we’ve had a couple of really good weeks for the market, we hit an all time high again, today, in the middle of the day, we hit 3509. That’s the highest it’s ever been, if you recall 3393 was the all time high back in February. And so we’ve kind of created some separation from that high to this one, it makes you think that there’s less chances sort of a double top or we head back down again. And honestly, the power of what I’m seeing come in and how the markets moving and how strong everything is, there is a tremendous amount of money right now coming in from the sidelines.
And in normal times, you know, it’s sort of like a big ship, it’s not going to turn around, you know, the pandemic actually turned around the market that was going, you know, pretty strongly upward. So it is possible and it can happen, but it’s not that common. Usually it takes quite a while. So normally, we’ll probably get some kind of run continuing here, just because there’s so much momentum and so much money coming in, everybody’s jumping on and there’s an awful lot of fuel that can come in from the sidelines.
There’s a tremendous amount of money managers who believe we were going to go back and hit a new low who’ve been sitting on the sidelines. There’s a lot of individuals, individual investors who are sitting out and sitting in money markets and those types of things. And they’re all starting to come back in. And the interesting thing to me is that they’re starting to realize what we already figured out back in March and April that really there are companies, tech companies, innovative companies, advanced healthcare companies, that are actually doing better because of the virus. And they’re very profitable. And often many of them can work in remote settings. So that works quite well too. And people are just pouring into those stocks. And I think we still got a ways to go.
So we’ll see what happens but very exciting. You know, the end of the month is coming up on Monday. I think you’ll be pleased with your August statements as you probably were with your July statements. So look forward to seeing what’s going to happen on Monday and we will talk to you then. Thank you very much.