July 20, 2023
By Peter Bower
If you haven’t noticed, the stock market has been steadily moving higher. The move started the year with a very concentrated group of stocks leading the way and with almost everything else not participating. During the latter part of the second quarter, this started to change, and the market advance began to broaden.
As evidence indicated that inflation was retreating, yet the economy was still growing, investors got an appetite for cyclical companies’ stocks. These were left behind with fears of an economic recession, so were cheap; many still are. A broad advance is a healthy one, so the Bull and his partners expect more to come.
It is still early in the earnings reporting season, but so far so good. Fears of a major decline in earnings have not materialized. Yes, there are, and will be, a few disappointments, but there aways are in a complex and diverse business environment. The stock market has been melting up since the October low last year. We are in a new bull market. Enjoy, and stay steady my friends.
The Lonely Bull
