Market Views 842

Inflation Decision Ahead; Gold Rising

The Dow and S&P 500 continued to churn just below their respective record highs today, with the former extending its midday losses to clock a 126-point drop. The Nasdaq was able to claw its way out of the red, however, settling with a modest win, as many Big-Tech names strengthened. This mostly muted trading action comes ahead of this Thursday’s Consumer Price Index (CPI) reading, which could sway future Federal Reserve inflation decisions. Meanwhile, a growing number of “meme” stocks remain squarely in the limelight, staging wild swings while the broader market remains relatively quiet.

Gold prices continued to rise on Monday, though they fell just short of the psychologically significant $1,900 yet again. The weakening dollar aided today’s rise, though the 10-year Treasury yield also inched higher, which could put pressure on the precious metal in the near term. August-dated gold rose $6.80, or 0.4%, to settle at $1,898.80 an ounce for the day.
Bernie Schaeffer, Schaeffer’s Investment Research, SchaeffersResearch.com, 800-327-8833, June 7, 2021

Bitcoin ETFs in the Future?
The ETF and mutual fund businesses are looking very closely at all of this, as there’s a line around the corner at the SEC for applications for Bitcoin ETFs. Eventually, we’re all going to see that the demand will not be held back. Most investors want to be able to buy them for their platform accounts, as opposed to a coin-based account.

Tom Lydon, ETF Flows, 2010 Main Street, Suite 1170, Irvine, CA 92614, June 4, 2021

Very Bullish
The technical trend data are overwhelmingly bullish.

As such, my goal is to keep us 100% invested across the board in strong, up-trending stocks and ETFs this week.

However, a market reversal can happen at any time, which is why we keep stops in place in all holdings … just in case.
Mike Turner, Turner Capital Investments, turnercapital.com, 855-678-8200, June 7, 2021

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