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We are still in the camp that the U.S. stock market has a chance to move higher, possibly four to five percent higher if everything goes well. But if it’s going to, it needs to hurry up.
We’re beginning to see some early signs of a market that’s tiring from all the economic weight it’s been carrying up this hill. You probably know them well by now: inflation, rising interest rates, Fed tightening (yep, they’re back at it for now), lowering earnings announcements, credit cards getting maxed out, a majority of Americans just treading water, company layoffs accelerating, etc.
We’re impressed stocks have held up as well as they have, and we still think there may be a little more blood to be squeezed from the turnip for those willing to take the risk. But, the tech heavy Nasdaq, that has led the market higher in early 2023, is quietly weakening.
It needs to hold tight over the next week or two, or this latest bull run may have run its course.
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