The Closing Look

Stocks fell on Tuesday as the market appears to be tracing out a near term top. The major indices soared over 9% since the post brexit low and have been up 5 weeks in a row. The market is simply pulling back now to digest that recent and strong rally. It is important to note that stocks fell on Tuesday even after Japan announced its plan for more fiscal easing and Australia’s Central Bank cut rates to a record low of 1.5%.

Gary’s Thoughts: Not thrilled with some areas already getting in trouble off one down day…airlines,retail come to mind. Other stuff pulling back…not a biggie yet.