July Fireworks?
Hello everyone, and welcome to the July 2024 edition of the boodle blog. If you are new here, we welcome you to the boodle family, and if you're a current member, thank you for placing your trust in us, and we welcome you back as well.
Our blog serves as a way for us to stay connected to our clients. We follow the market daily, analyze the information that we learn about the economy/ markets and then we give you our opinions based on the 26 years that we have followed the market. At boodle, we do not manage our clients portfolios because we believe that the person best positioned to manage your money is you!
Our job is to provide you with the most up-to-date, accurate data that we can possibly bring you.
Boodle clients agree with this, which is why they remain so loyal.
We just ended the month of June, and now before we turn our attention to July expectations, let's take a look back to June and see what happened in the market & the economy. The market continues to do a slow, steady creep up and we felt this would be the case (see the June blog) as it has been in 2024 so far. We sit at the halfway point in the year, and the numbers have been good. For June the DOW advanced 1.12% ytd 3,79%. The S&P 500 gained 3.47% for the month and 14.48% ytd. The best performer continues to be the tech-heavy NASDAQ which is up 5.96% for June and 18.13% ytd- excellent performances.
The June jobs numbers will be released on Friday, and we suspect those numbers will be fairly decent.
The first Presidential debate took place on June 27th in Atlanta and was broadcast by CNN. The 90 minute debate was punctuated by the candidates shouting at each other, but it was President Biden's performance that most Americans were talking about around the watercooler.
The President seemed forgetful, and didn't have a good showing against former President Trump. The political conventions start in about 2 weeks with the RNC and the DNC in August.
With all the news being reported, what does boodle think will happen to the market in July? We believe that although we would like to see a bit of a pullback, we would not be surprised to see the same type of "grinding higher" that the market has demonstrated throughout 2024. It is a natural phenomenon for stock market bulls to take a breath, so to speak. Our opinion for boodle members is to stay with your current asset allocation, and continue to dollar-cost-average into your portfolios. If we see or hear something that could have an adverse effect on your holdings, we will post it here on our blog, and send you a text alert. We thank you for being a member, and we ask you to tell your friends and families about boodle. These are fascinating times, and 2024 promises to be one of the most eventful years in recent memory! Enjoy the 4th of July holiday, and we will be back here in August, until then thank you for being a member of boodle.