Recent weeks have seen the usual flood of market "forecasts," which purport to predict the direction of the equity market over coming months, weeks, hours, and minutes. Up until the end of May, all we seemed to hear was that market prospects were favorable. The economy was on track for the much-prophesied, much-promised second half "recovery."
The dollar was in a bull market, a consequence of its supposed undervaluation and the Federal Reserve's new-found "focus" on inflation and its "determination" to foster dollar strength and raise interest rates to combat inflation and the no longer deniable rise in inflation expectations. Oil prices were topping out, agricultural commodity prices had dropped, and gold was down. Stocks were cheap, earnings growth prospects solid. There were buys galore.
Register for an account now
