Monday Market Momentum – Still Heading Higher

Up and up we go!

Efforts are, of course, being made, to end the quarter on a good note but it’s only June 7th, so three more weeks of this ahead.  We still have earnings trickling in but the bulk of them have been put to bed and, although GameStop (GME) will be interesting on Wednesday – there’s nothing here that’s likely to move the market very much.  

That leaves us with Data and there’s not much of that this week either with Consumer Credit this afternoon (yawn), Small Business Optimism tomorrow, a 10-Year Note Auction on Wednesday (that might go badly), CPI Thursday and Consumer Sentiment Friday so, other than signs of inflation near the week’s end – there’s nothing likely to derail this market train, which is on a very bullish track at the moment.  

Other than Donald Trump giving a crazy speech with his pants on backwards, it was a quiet weekend.  The former President claimed that Joe Biden wasn’t half the man Trump was and no one who saw Trump lumbering onto the stage in North Carolina was going to argue that point.  Joe Biden later showed off by walking up and down stairs without assistance (we have a very, VERY low bar for Presidents these days) and speaking in what experts considered to be complete sentences.

Unfortunately, Biden is still talking to Republicans about Infrarstructure – despite Friday’s deadline coming and going.  He’s leaving for a foreign road trip on Wedndesday so this will likely be the last chance for Republicans to have a say but I’m surprised he’s giving them more time  as there’s been no progress on that side.

Half of Biden’s Infrastructure Bill has already morphed into an Industrial Policy Bill that will promote US Manufacturing and that has the support of Republicans as it’s being packaged as a way to compete with China – which they love to talk about.  Also, it’s a fantastic way to shovel more money to the Top 1%, which is something else the Republicans love to do.

What is most striking about the legislation is the degree to which…

Provided courtesy of Phil’s Stock World.