The economic calendar is modest, and many market participants will probably extend their long weekends. The ISM Non-Manufacturing Index and jobless claims data will be the most important.
Credit for today’s theme goes to Satchel Paige, one of the greatest pitchers of all time.
Don’t look back; something might be gaining on you.
Picture Courtesy of Simpson Street Free Press, where you will also find a nice article by Patricia Cazares, age 13.
Last Week Recap
In my last installment of WTWA, I described the fragile state of the economic recovery and asked whether it could be sustained. Bloomberg apparently thinks that I was on the right track, since they ran this story on June 29th: Coronavirus Resurgence Threatens Fragile U.S. Economic Recovery. Check it out and compare the information from the three article authors with WTWA!
The Story in One Chart
I always start my personal review of the week by looking at a great chart. This week I am featuring Investing.com’s version. This is just the static chart, but a visit to the post will enable you to explore the news callouts and much more.
The market ignored record numbers of new COVID-19 cases to post a strong week. The market gained 4.0% with a trading range of 5.5%. My weekly indicator snapshot monitors the actual volatility as well as the VIX (see below).
Statista tracks the current stall in state reopenings.
In my new home state of Arizona, we face possible new restrictions from Sonora. Health officials there want to restrict border crossings from our COVID hot spot into Mexico.