Meaningless Monday – Kicking off a Pointless Week

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Record-High July 4th Cookout Costs: Inflation Hits the Backyard | Market  Intel | American Farm Bureau Federation32,797,400.

That was the volume (1/3 normal) on SPY last year on Monday, July 3rd – one of the lowest volume days of the year. With July 4th on Tuesday last year, nobody was returning from the Beach on Sunday just to fight traffic to get back there a day later. This week it will be Friday which will be a burned day but Wednesday will be a half day at best and good luck getting anyone to pay attention today and tomorrow.  

Look at the calendar for the week – other than Powell, who speaks on Tuesday morning (9:30) and Williams, who speaks on Friday morning (5:40), the rest of the Fed is taking a vacation this week – though we do get the Fed Minutes Wednesday afternoon – AFTER the NYSE closes at 1pm!

See – pointless!  What else is going on? I see PMI, ISM and Construction Spending this morning, Motor Vehicles and Jolts tomorrow, PMI, Factory Orders and ISM Services Wednesday and we are even having Non-Farm Payrolls on Friday but no one will be here. Happy Holiday’s folks, goodbye:  

I was going to go away this week but then I saw that EVERYONE is going away (predicted to be biggest travel day EVER) so I decided that, since I live in Florida anyway, why go somewhere else and be annoyed by crowds when I’ll have that all right here at home? I will pick a quieter week to go away and see someone else’s sites.  

If you need more evidence of how checked out people are this week – look at the earnings calendar: 

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4, that’s it and I’ll be all 4 of them suck as they scheduled their earnings for when no one was looking. As goes the old adage “If an earnings report falls on a holiday and no one is around to hear it, does it cause a sell-off?” As to the broader market – most likely we will drift along near record highs as “THEY” certainly don’t want our family barbeque conversations to be about a market pullback – “THEY” want FOMO to spread among the celebrants.  

 

Meanwhile, there is stuff going on in the World as we enter the 2nd half of 2024 – but who cares?

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