Well, the bulls managed to pull off another monthly gain – the 4th one in a row. Do you want to know how much the surging economy and trillions of dollars of new cash poured into the market pushed the S&P higher? You do? OK – – 2/100ths of one percent. In other words, 0.02%. Way to go, bulls!
I keep saying how I'm not making any money in this market, but I just ran the numbers, and June wasn't that terrible. I was up 2.9% in my big account, and about 4% in my 401-k. Nothing to write home about, but not bad either.
I am really glad Q2 2009 is history. The bulls had every possible advantage thrown their way, and what I see before me on the monthly chart is exactly what I thought I would see mid-month when I wrote about the loss of momentum: just look at the chart and you'll see. March, April, and May were all gifts from the gods (or at least gifts from Obama) to our bullish friends. June was utterly limp. I am highly confident July 2009 is going to be the first down month for the S&P since February.
I am going to try to recapture some glory on water skis this afternoon. Congratulations, Slopers, for making it through this quarter. I think we're going to start to have a much easier time starting tomorrow, in spite of pre-July 4th being historically hugely biased toward the bull side.