We’re Not Done Yet

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Creeping deterioration gave way to early selling that took S&P 500 to 4,515, but no further. The bears fumbled again, and credit markets don‘t look like giving them another opportunity (judging by yesterday‘s close). VIX barely moved higher, and the shape of daily sectoral rotations doesn‘t favor a larger decline. Some meandering sideways to up as I wrote yesterday, for sure though. Q2 2021 hedge fund letters, conferences and more Today‘s ADP employment change isn‘t likely to be favorable to the roaring economy story, but the deceleration of economic growth should still prove temporary – the c…

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