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Richard's Thoughts on the PTI

Daily Recap

In contrast to yesterday's horror in Nice, France, markets today were mostly calm. Asian shares were mostly higher, European equities were about unchanged, as were US stocks.

Positive news on the US and Chinese economies bolstered the bullish case for stocks and also helped move interest rates higher. According to Bank of America/Merrill Lynch, Monday, July 11th was the day that bears finally threw in the towel, as vast amounts of cash moved into high-yield bond funds along with stock ETFs. Whether we're looking at the bears' final capitulation, or the peak of a bubble in equities is anyone's guess, but the fact is that this week brought us continued new highs in the two most closely followed US indices -- the Dow Industrials and S&P 500.

The week's appetite for riskier (risk-on) investments was underlined by gold's inability to rally after the latest and sorrowful terrorist attack in ... Log in or subscribe to continue reading.


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