Q2: Good Riddance

It’s not that Q2 hasn’t been kind to investors. The S&P 500 is still up 39% from its March 23 lows (40% for the Dow, 49% for COMP.) But, it’s impossible to ignore how stocks got here and wonder whether they’ll continue to dance with the forces that brought them. Moreover, what happens if the Fed decides it’s done enough for now and the music stops?

As we discussed yesterday, the bearish charts and downside indicators are piling up. And, of course, big rallies produce meaningful rebalancing that could offset the usual end-of-quarter algo-driven meltup. The next few days will be most interesting.

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