Jul 30, 2024
Following the 3% correction in the S&P, markets are oversold
on multiple levels. Markets are holding at the 50-DMA and will try
to rally up to the 20-DMA today. If the Fed comes out with dovish
commentary tomorrow, markets could rally for another couple of
days. The story lately has been how small caps have been
out-performing large caps, but that wasn't the case on Monday:
Large caps were up, small caps were down. Much of this has to do
with the Yen carry trade, a currency that has been declining. We'll
now see whether small caps can continue to rally, or this was just
a flash-in-the-pan. Emerging markets continue to languish, and
International's are not much better, continuing to lag other
markets. Gold has similarly been stuck in a range, going neither up
or down. Brent Crude is on a sell signal, retesting lows as the
Israeli War has put pressure on prices. Back to school and a Trump
election win could spark a rally in Oil. For now, focus on where
earnings and fundamentals are.
Hosted by RIA Chief Investment Strategist, Lance Roberts,
CIO
Produced by Brent Clanton, Executive Producer
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Watch the video version of this podcast:
https://www.youtube.com/watch?v=kUMHfGa5BLg&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1
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