The Wind-Up and The Pitch

 

OK it's July the 5th and the beginning of the second-half of the business year and the reporters on CNBC and Bloomberg chide their big-deal analyst guests for being so off in their first half predictions. They didn't expect the S&P to go up 16%, but most particularly they didn't expect NASDAQ to go up 32%. Even if they admit the mistake, they are ready with an explainer and new version of old pitch.

Yet they hem and they haw: Yes they missed the explosion in FAANGs, and yes it’s too late to get on that meme, but yes, eat around the edges of it, because quality growth might still be the only thing the works. Maybe the rally will start to encompass the small and midcaps, but the enthusiasm is not to strong on that. Twenty-day government bonds. Magic! Also the magical “alternative assets.”

The reporters have no trouble unveiling this as a sales pitch. Today the market was down.

'Wall Street posts modest loss after Fed minutes' says Reuters // Dow Jones -0.38% // S&P 500 -0.20% // Nas -0.18% . So once again, the Large Value, Dividend and Retiree favorites took the fall at double the rate of the other indexes. But the poor lil old Russell [-1.26%] fell at 6 times that.

Only Nvidia and Apple were down among White Faangy things. And Meta was up 2.92% ... because ... catalyst warning .. it has a Twitter competitor readied.

Looking through the components of the DJIA shows that Boeing, MacDonalds, Visa and Walgreens notably ran counter to the general DJIA slippage of the day. – B.B.