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July 6, 2024 | Tech Talk for Saturday July 6th 2024

Donald Vialoux is author of the free blog Tech Talk, a daily investment report available during the past 20 years at Comments focus on the seasonal and technical outlook for equity indices, commodities and sectors. Mr. Vialoux has 53 years of experience in the investment industry and is a past president of the Canadian Society of Technical Analysts (CSTA).

The Bottom Line

The Summer Stock Market Rally from late June until at least the end of July has started.

Corporate focuses this week are on second quarter results released on Friday by U.S. money-centered banks (including JP Morgan Chase, Wells Fargo, Citigroup and Bank of New York Mellon): According to “Bank earnings season begins on Friday, July 12, and in the broad contours, is apt to look remarkably similar to the first quarter” when earnings by the sector increased 4.9% on a year-over-year basis”

Another important focus this week is on Federal Reserve Chairman Powell’s testimony before Congressional Finance Committees on Tuesday and Wednesday. His comments about possible timing of the first decline in the Fed Fund Rate below its current 5.25%-5.50% rate will be watched closely. U.S. and Canadian June labour reports released on Friday are expected to set the stage for the FOMC and Bank of Canada to lower rates sooner than previously anticipated.

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July 6th, 2024

Posted In: Tech Talk

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