The slow and steady recovery implies some health behind the move
The slow and steady recovery implies some health behind the move: Sevens Report Editor, Tom Essaye, Quoted in Barron’s
The Stock Market Is Quiet. What Could Change That.
“The slow and steady recovery implies some health behind the move,” Sevens Report Research’s Tom Essaye told Barron’s. “The biggest thing of the last 10 days, is sort of how quickly the market has has sort of erased any of the concerns that hit stocks in early August.”
Essaye says Wall Street has reverted to a state where the default path is higher, “unless somebody puts something in front of it that really directly challenges it.”
“And right now, there’s really nothing going on,” he says.
Essaye notes that the very little news we’ve gotten was a bit negative, including the decision by Lowe’s to cut its full-year outlook. But the S&P 500 is still in striking distance of its ninth straight session of gains. He says it will take a truly bad economic number or Federal Reserve Chair Jerome Powell arguing that inflation is still high to really wake the market up.
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