I was about to write that the last week wasn’t very good. Every investment type except US stocks appears to have dropped in price. But let’s be honest: the stock market was markedly higher two years ago, and the past two years haven’t been very good. But I remind myself that if the market always went up, we’d all look like geniuses all the time.
Stocks only maintain slightly better momentum than bonds. Given the time of year, the economic environment and the lack of momentum, it appears that the stock market is running out of steam. I will watch very closely, expecting to move out of stocks very soon.
As I mentioned, only US stocks (IWM, then SPY) appear to have positive momentum. Every other asset class has turned negative. Strangely, this includes stocks, bonds and gold. It might just be time to cash out for the summer, but I’m going to wait one more week.