Stock Market Recap | June 12th, 2023
Even more investors became buyers (“FOMO” reaction?) of more stocks than just the popular few mega-stocks, driving prices and the major indexes higher again. Amazing the gains that can materialize quickly when stocks are “bought low” and then a price uptrend holds steady for at least 4 – 8 weeks.
As a result, most of our long positions continue to either increase gains or at least reduce losses, while our fewer shorts remain productive as well. Good to finally see more “green” highlights occurring among our stocklist.
Buying interest continues to be driven by resilient corporate earnings that so far suggest perhaps a “soft landing” rather than deep recession.
There still remain many concerns however, that investors may not be focusing on: unemployment figures are beginning to rise (on layoffs), manufacturing activity is shrinking, the trucking industry is reporting a big falloff in overall shipping activity, and analysts are predicting an impending mass of commercial real estate defaults leading to foreclosures and plummeting values. When these issues will fully manifest and come to the attention of investors remains to be seen.
In the meantime, we profit from the uptrend as long as it lasts, and see how investors react to the upcoming Fed meeting at which interest rates may – or may not – be hiked.
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