School’s out and we are on the cusp of summer holiday... but first, Goldman Sachs flow-of-funds gurus (Gail Hafif, Brian Garrett, & Lee Coppersmith) need to address "award season" ... awards for market technicals/flows, not third grade “graduation.”
Maybe it’s the summer euphoria or maybe it’s the fact that retail continues (and will continue) to buy any dips on US equities while activity from the institutional community is muted - we are giving the green light for the immediate term.
We are drifting upward until both summer technicals and econ data kick in.
