Stocks Pop in Relief Rally: Tom Essaye Quoted in Barron’s
Stocks Pop in Relief Rally
Sevens Report Research’s Tom Essaye told Barron’s he believes the market is experiencing a form of a relief rally.
He noted a wave of key catalysts for stocks has passed without significant negative surprises. This included the consumer price index on Wednesday and data on producer prices and retail sales on Thursday.
“Specifically for today, the ECB signaling it’s done with rate hikes combined with Goldilocks economic data to boost stocks and it’s just been building throughout the day,” Essaye says. “Essentially, it’s a similar dynamic to what we saw in June and July. Where markets are optimistic on growth (so more confident of a no/soft landing) and we see the ‘rest’ of the market outperform vs. tech.”
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