JULY – Too fast too soon

Stocks finished out July with a more than 7 percent gain. The Dow was up more than 8.5 percent at 9171, scoring its best July since 1989. The S&P 500 was up 7.4 percent at 987, and the Nasdaq was up 7.8 percent for the month at 1978.  This type of performance is beginning to discount the coming recovery as being very strong.  To the extent thatI do not agree with this view, I continue to believe that selling into this rally is the right thing to do.

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