Daily Market Brief

Bloodbath.

I’ll cover my thoughts on the broad market in the article of the week which will be out tomorrow - usually Friday but another travel day so won’t be around.

Quickly, this was needed, and I don’t think I am alone in that view and there should be more to go which I’ll cover a bit in the premium section tonight. BOC cut rates which was expected, and housing missed (also covering that in the article). But, this was all overdue and the gap down just helped to speed it up. Definitely not the buy the dip mindset just yet - needs to trade a lot lower on many things, rest a bit, then we leg higher maybe but let’s focus on the next few days v. forecasting out the market.

Nasdaq was brutal - technicals snapped well but this risk off has been due not it’s all at once. Those areas are key - even if we there I think it’s a short-lived bounce then lower some into August. Again, I am going to discuss this in the article of the week.