thependulumswings

Friends

The bulls were content to sit on their gains as the quarter
came to a close today. Market participants will be keeping an eye on
developments coming out of the G20 meetings over the weekend, but as we look into
the second half of the year (can you believe that?), the bulls have some
headwinds to navigate, not the least of which could be a developing earnings
recession.

As for today, by the close the Dow Jones Industrial Average
was up 72 points to finish the day at 26,599. The S&P 500 was up 16 points
to close at 2,941. Gold was up $1 to trade at $1,413 per ounce, while oil was
down $1.44 to trade at $57.99 per barrel WTI.

It was a very good first half of the year for the bulls. As
mentioned, many challenges lie ahead as we enter the second half of the year.
We’ll know what transpired on the China trade front when we fire things up on
Monday, and then we’ll begin to look ahead to the upcoming corporate earnings
season. Trade, corporate earnings, a jobs report and inflation numbers will all
be considered when the FOMC meets in late July. Expectations are that the Fed
will cut rates at that meeting, but that remains to be seen. Let’s first enjoy
the gains from the first half of the year.

Have a great weekend everyone.

Jim