Summary

- S&P 500 closes at an all-time high of 4,280.70 up from 4,166.45 last Friday after the turmoil from FOMC and “Quad Witching.”

- The pace of COVID-19 improvement has begun to slow in the United States, but a full-scale reversal is unlikely.

- Markets look strong on several counts and despite the slow pace of summer months major catalysts suggest upside to our research team.

- Reopening is continuing in full stride and we expect many positive surprises in Epicenter earnings in the upcoming season.

Last week was wild. This week, great. The FOMC made some genuine surprises that perplexed many market participants. The second largest quadruple witching expiration of derivatives contracts lived up to its reputation. 116 million options contracts expired on Friday which is the second highest level behind the 150 million expirations last January. Clearly, retail investors have discovered derivatives. Many have probably already found what can seem a blessing on a green day can be utter damnation for your returns the next. Play careful out there, friends. Remember that there are significant benefits to owning equity over the long-term.

However, if you battened down the hatches and put a piece of tape over the ‘sell button’ then odds are you’re h...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, FSI Macro, or FSI Weekly subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free