June 8: Slow market today

By: Jeffrey Cohen
Investment Advisor Representative

The media fed us negative news all morning.
The futures look to be down slightly.
A few stocks look much lower in pre-market due to specific earnings concerns.
Nothing is running higher today on our radar, and our key industry segments are all down.

However, my sense is we are in a trading range on the S&P 500 Index and everything will be fine today. Market will trade flat.

Bonds strengthening on the corporates, flat on the mortgage backed agency debt, and the long US Treasury duration debt is falling, so yields are rising. Looks like yields want to rise more, working to go higher.

Bitcoin is in a trading range around $30k. Been there for a month. During the day it is at $30,543. Range-bound.

Euro/Dollar at 10742, which is right where it has been for a while.
USD/JPY at 133.85 means the YEN is falling against the US Dollar.


Twitter is surprisingly negative these days.

Again, I think the markets may end green today

Enjoy the video.

P.S. I think I am catching another cold, and hope it isn't Covid again. Throat is sore, head hurts, congestion, and tired.

GLTA

Update as the market is open.

Slow and low market. Not much movement.

Cannabis wholesale prices are down, again. 
$SMG Scotts MiracleGro is down, along with most of the cannabis sector. As long as the wholesale price continues to fall, this sector will fall.
Cannabis Business Times maintains an index: here.

Mortgage applications down 6.5% this week. New mortgages down 7.1%, and refi down 5.6%. Trading Economics published the data here.