Well, it seemed that yesterday started okay, and folks made an effort to do a bit of salvaging in the final hour – but the day showed exactly why we have stepped back some lately. None of the sectors escaped unscathed, and goldminers certainly suffered.
We have, you will recall, termed the market “heated” and “frothy” -- and expressed that we have felt cautious. And it has been a while since we have posted that we have felt comfortable doing much of anything.
There do seem some decent charts -- and it also seems that there has been more of a leaning toward defensive stocks.
Still, we are simply enjoying the summer -- and any moves that we make will be tiny ones.
When opportunities present, it is nice to take advantage – but, as we always stress, hanging onto profits is always the first consideration.
It is the start of a new month and a new quarter, and there are some downgrades. And don't forget that the US markets will be closed on July 3rd.
Oh, and we will probably have our China piece later today.
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