Market Notebook


The bond complex nudged higher while global equities suffered a setback during the last week.

The recent period in the markets could be called, “The Rise of the Retail Investor”. Price action in the markets has taken on a “non-institutional” tone as of late. Huge run ups in prices on bad economic news. Big run ups in companies that are in the bankruptcy process, see Hertz, HTZ. On the face of it, participating in such action seems unwise, yet investors continue to pile on the risk. How will this end? I believe badly for some and better for others dependent upon the timing of the investments. The follow on effects for advisors are numerous and varied. To sum up the effects, what is expected to be happening isn’t and what is unexpected is. It seems likely that navigating the unexpected will continue.

The late week pullback in equities helped to relieve some of the instability caused by the recent sharp runup in prices. Expected continued volatility with sharp pullbacks possible.

Bookmark this COVID-19 site. Great insight into how controlled the pandemic is or is not. Spoiler alert, Arizona has some work to do.

All the best.

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