Home, home on the range….

• Posted by Greg Harmon
• on July 23rd, 2015

Many of you have never heard of Gene Autry and his song version of the unofficial anthem of the west. It sets a calming, settled mood and describes an easy life. Quite appropriate for a lazy summer day in a quiet market. The title is also intriguing for today’s stock market in that stocks have been trading in a range.

Since February (and some may argue since October) the S&P 500 has traded in a range. Like it is at home and settled. The range from 2040 to 2135 seems impenetrable with the rejection again this week. Oh sure, the index could find support and turn around, but inertia is a hard thing to overcome. And it is easier to look for more of the same, a range bound world.

No real catalysts are left to keep you from relaxing on the front porch or at the beach. Janet has given her testimony, Greece is solved, interest rates are going to rise at some point, but even the few remaining diehards are looking at September at the earliest for that. Nothing to do but sit back and relax.

Now that you are ready for the weekend, remember it is times like these where the markets can surprise you. So bring your smart phone and check in occasionally. But enjoy your time on the range.

Get my ebook, Markets for 2015 and Beyond, a long term forecast with all proceeds going to charity.

Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through July 2015 Expiry and sign up here

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus