With the Democratic National Convention behind us, now brace for the Republican National Convention.1,2 Once both parties have announced their agendas and strategy, we can then begin to examine what Wall Street deems important and less important.
Any time an analyst comes out with a valuation or comment on a particular stock or index, they seem to be painting the picture to justify the price, meaning that instead of evaluating the merits of the investment and then using the data to arrive at a fair market valuation of the security or index, they seem to be landing on a price and then picking the data that will go to support that price, in our opinion.
We have seen the markets rip back from their March lows on the tails of the FED stimulus. We are now seeing the challenge facing us regarding the schools opening back up these next few weeks, our "leaders" in DC playing politics with aid that many are still relying on to keep sustained, and the inching closer of the election rhetoric.
We were expecting the markets to waver and grow weary as the end of July neared since logically, we were closing in on Earnings, Stimulus, Coronavirus Spreading and the resulting reversal of openings.
Last week we saw some warning signs reappear in the data that has us concerned about a market correction in our near future, but the signs could be abated if the Gov't continues their stimulus efforts on the national and household fronts.
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