“The difference between death and taxes is death doesn’t get worse every time Congress meets.”
— Will Rogers
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Mini-QuiCQ today …
US stocks market closed out a shortened week celebrating the countries birthday today with early fireworks yesterday:
With more than two stocks up for every stock down, 47 stocks hitting new 52-week highs versus only two new 52-week lows, and not one out of the eleven sectors lower, the session had clearly a bullish tilt to it.
But is sentiment getting a bit frothy again? Slowly yes.
CNN’s fear and greed indicator is back in ‘extreme greed’ territory,
And the weekly AAII finally showed substantially more bulls than bears now (after a 25% rally..):
Bond yields shot higher after employment data (NFP) was better than expected:
But the event of the day was probably the final approval of Trump’s OBBBA (One Beautiful Big Bill Act), which in short should over time lead to higher bond yields, higher gold and probably also higher stocks. Sounds like fun, eh?
We will look further into this in our NPB Q3 outlook which should be out next week, but also will discuss it in this space and the Quotedian of course over the coming weeks.
Have a great weekend!
Deficit effect of the Big-Beautiful-Bill over the coming decade as per Piper Sandler.
Notice how stimulative it is for the next few years, and then how the automatic tax tax hikes kick in for the next administration. We all know that this is an accounting gimmick.
When does the market call the government’s bluff?
