Short note on markets!

We are quite confident some sort of near-term high is being put in place today. All was well coming into today but noticed the S&P sitting while other indices moved higher, a divergence of sorts. As we write this, the tight range of the past couple of weeks is being breached to the downside and suspect the 50 day average will be in the market’s sights. This does not mean the end of the world is coming. For now, we will call it a normal pullback from the Brexit drop and the recent move up after.

Just keep in mind, as we have told you, earnings and sales growth stink and the economy, both here and around the globe are anemic at best.