The bull market probably didn’t die last week…
But the recent turbulence offers a glimpse of its eventual demise- symptoms of underlying imbalances emerging and pre chronic conditions threatening to go viral.
Benjamin Franklin is credited with saying, "In this world, nothing can be certain, except death and taxes." But savvy long-term investors know they can add demographics to the list.
Midsummer has set in, and the trauma of the springtime sell off faded. Tariffs? Same threats, new deadline. Fed? Rate cut in sight… Will markets soon go looking for something to fret about again?
The S&P 500’s rebound rally showed, yet below the surface the market is emphatically executing an ‘early cycle’ playbook to position for a peppier economy and looser Fed.