Börsen Stockholm och New York 25-26 juli 2024
The U.S. economy accelerated in the second quarter as consumers increased their spending, businesses invested more in equipment and stocked inventories, and inflation cooled.
GDP rose at an annual rate of 2.8% for April through June
https://www.wsj.com/economy/us-gdp-economy-second-quarter-2024-485df1dc
The new trend is bearish — at least for the short term
A pattern of lower highs and lower lows has already emerged, which is quite bearish.
How did this happen so quickly?
SPX bounced off of support at 5,500 on July 19.
https://www.marketwatch.com/story/the-stock-markets-cruel-summer-is-about-to-get-much-worse-75afc885
Dow Jones backade omkring 1 procent, 19 juli
https://englundmacro.blogspot.com/2024/07/dow-jones-industriindex-backade-omkring.html
Is the Stock Market Near Its Top?
Don’t let the hum of the bull tune out signs warning that a bear may be lurking.
I met Cathie Wood as she was filing papers for her “disruptive innovation” funds—to “change the way the world works.”
Her ARK Innovation exchange-traded fund, ARKK, launched in October 2014 and charges 0.75% management fees.
In 2020 it was up 153% as stimulus money flew in, driving more buying. ARKK peaked in February 2021 with $28 billion in assets.
Since then, its net asset value is down 70%, even amid a roaring bull market, especially in tech.
Morningstar recently calculated that Ms. Wood’s Ark Invest funds have destroyed more than $14 billion in wealth.
One of my favorite Wall Street sayings is, “Don’t mistake a bull market for brains.”
Andy Kessler Wall Street Journal 14 July 2024
https://www.wsj.com/articles/is-the-stock-market-near-its-top-c0b09e3b
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