SPY June Outlook—mixed with seasonality a tactical negative historically against the backdrop of a longer-term bull market trend
Last month was more stalemate between Fed policy and Inflation gauges. Almost in the background, the equity markets continued higher. We are now in the summer of an election year which typically sees equity markets consolidate into November 5th. We will start the month positioned for rates to stay flat and for equities to grind sideways over the intermediate term while respecting the strongest longer-term outperformance trends in XLK and XLC.