Less Selling Pressure After Today

June 27, 2023
Author: Peter Stolcers, Founder of OneOption

Fund rebalancing has had a negative influence on the market and it will subside after today.

PRE-OPEN MARKET COMMENTS TUESDAY – Durable goods orders came in a little better than expected (1.7%) and Consumer Confidence will be released after the open. The third estimate for Q1 GDP will be released Thursday. This data is old and it is not going to move the market. Official PMIs are not likely to have much of an impact either since we got the flash numbers a week ago. China does not release a flash PMI so we will get a fresh look at their month Thursday. We had “Fed Speak” last week during Powell’s Congressional testimony so Fed comments are not going to have much of an impact this week. This is a 4-day holiday coming up for all intents and purposes. We are likely to see a little more selling pressure in equites todays as Portfolio Managers rebalance into the end of the quarter. Given T+3 settlement on equities, this negative influence should wane after today.

Daily Bulletin Continues...

Want Full Access?

Become a Member

Start Free Trial

No credit card required.


Previous Bulletin

June 26, 2023

Next Bulletin

June 28, 2023