Nothing's sticking.
Investor frustration and confusion at the fact that nothing’s sticking is growing. Authentic-looking rallies like what we saw the previous week end up having no value as they disappear in a puff of red smoke as happened last week. Back to square one as if the rally never happened. This low-traction environment seems (as suggested in my Under The Hood section last week) to be pivoting around the 3800 level for the SPX index (S&P 500).
The index is the at the same level now as it was in the second week of June having been 300 points higher and 300 points lower in the interim. We see inflows…
The skinny
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