The Closing Look

U.S. stocks were closed on Monday in observance of independence day. Overseas markets fell as fresh concern spread regrading Brexit. On Monday, the European Central Bank opened the door to state aid for euro zone banks. Italy was back in focus when they entered into to talks with the European Commission to recapitalize their banks with public money. On Tuesday, stocks sold off after the British Pound broke below last week’s low and continued to drag other markets lower. Shares of European banks fell hard as investors were worried about their ability to stay solvent in a post Brexit world. In other news, Bond yields continued to plunge across the world.

Gary’s Thoughts: We are not thrilled. Last week again reminds us of the same criminal end of qtr window dressing that pervades every quarter. Lots of ick under the surface! Leadership remains defensive!