The Morning Call
7/22/21
The
Market
There was a death in our family, so
today and tomorrow’s Morning Call will be short.
It would appear the liquidity has once
again triumphed---though it will take at least one more day to be sure. The S&P bounced hard yesterday, (1) closing
that big gap down open; meaning that the index could resume its downside
without having the pull of that gap to fill, but (2) failed to regain the lower
boundary of its short term uptrend (now support; if ends below that boundary at
the close today, it will revert to resistance).
Pre-opening indications are that the rally will continue; so, this latest
flush will have been like all the others---a chance to buy the dips. That said, as you might guess, I would not be
doing that. We will know more at the end
of the day.
The bond market also recovered but not
nearly as enthusiastically as equities.
It still has its gap up open to close.
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