Market Update – Buyers Are Not Aggressive

This week the market was able to hold the breakout, but there was no follow through buying.

PRE-OPEN MARKET COMMENTS FRIDAY - In the last week the market got everything it could have possibly wanted. The Fed cut rates by 50 basis points (more than expected), they said that economic conditions are steady and we got good earnings from the tech sector (MU). The S&P 500 rallied to a new all-time high, but it has not been able to advance this week. If Asset Managers felt that the recent news changed the macro backdrop, they would have viewed this as an excellent entry point and the market would be making a new all-time high this morning. Given the price action in the last week, I feel that the best we can hope for is a gradual float higher.

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