Happy Memorial Day. Since Friday was the slowest trading day of the year I am quite sure no one noticed that markets were basically unchanged and that goes for today too. Oh wait, it’s Monday and a holiday at that, which explains nothing moving. How can you tell the difference between a dull market and one that’s NOT open. For sure I can’t. So why can’t EVERYDAY just be a holiday and have the markets just sit (or just drift up all the time). Get on this idea robots.
Not much to say. The major averages were all up for the week with new all time highs being set and no one seems to give a hoot. Its just the new paradigm with markets being so efficient getting any alpha is almost impossible. How to fix it? A huge decline and shakeout. Soon?
The best sectors last week were utilities and technology. Indeed, the KBW Nasdaq fintech index jumped 1.8% on the week. That’s a fairly broad based fintech focused index which does NOT include the “FAANG” group. Can’t go wrong with tech.
Short four day week coming up with Friday bringing May NFP’s numbers. Maybe some ‘activity’? Have a great week.