In the event anyone is looking for something to read on what is hopefully a glorious long-weekend, we have attached RBC’s 2024 Mid-Year focus. If instead you just want a “Coles Note’s” version:
1. “Trees don’t grow all the way to the sky”. The consensus would be that markets are not finished moving higher. But thinking about risk appetite and having a plan for becoming more defensive when conditions dictate are things I’m contemplating in coming months. With stocks no longer compellingly cheap and investor sentiment increasingly complacent, I’m going to be having a watchful approach.
2. “What about this election”: Last night over 70 million Americans tuned into the debate. Interesting, this is about the same amount of people who voted in their last election. Without delving into the possible consequences of the CNN televised debate, there will likely be a lot of noise between now and the election. Investors should be aware that risks of the U.S. economy slipping into recession in the coming months are rising. Of course, we aren’t going to sell everything, as we never do this, and it has served us well to never “time the market”, but our portfolios always adapt.
Monday, July 1st the Canadian Markets and banking will be closed, and of course on the 4th of July, US markets closed.
No predictions this week: boy the Oilers were oh so close!!! Have a great long weekend, and we will return to our “fortnightly” posts in the summer. So next post in two weeks!