Yet another very listless week for stocks, with little news to compel investors to act.
And what little news there was, was negative again – rising unemployment, data suggesting economic growth is contracting, and Fed comments affirming the need for more rate increases, to be maintained for a longer term.
We are once again in a long “doldrums” period, in which stocks stagnate or slump and the large gains we are accustomed to are simply not to be found.
The only solution to this, as always, is a change of leadership in Washington, and while polls suggest that is likely in 2024 (barring more election fraud), that is still a long time away. In the meantime, we have an extension of the Obama effort underway to “fundamentally transform” the economy orchestrated by a cabal of progressives (socialists) operating through their puppet Biden.
Static prices could linger for the duration of this administration, as investors bide their time. Each sign of institutional buying lately has not seen the typical follow-through by other investors. This lack of conviction and participation is keeping a lid on prices and highlights few for us.
In the meantime we do what we can. A few trades this week to act on; otherwise just one more forgettable week in the books.
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