My Thoughts On The Market And The Economy

2025-07-22 11:30:00 ET

Running out of steam?

The S&P 500 rally looks like it’s running out of steam. We’re still in a golden cross configuration. (A golden cross occurs when the 50-day moving average is above the 200-day.) It’s a sign of long-term upward momentum, but on a shorter-term basis, it looks vulnerable. That’s why I’m advising readers to keep some cash on hand, but no more than 10%. If the market corrects, as I expect, that cash can be put to work at (possibly) much lower prices....

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