Navigating the Market Rollercoaster: A Mid-Year Update
Jul 04, 2023 6:54 pm
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Tuesday, July 4, 2023
Good day.
Hey there, fellow investors! It's Stephen Whiteside here, and I'm excited to bring you a mid-year update on the market happenings. As we enter the second half of 2023, let's take a moment to reflect on the thrilling rollercoaster ride we've experienced so far.
In June, Apple stole the spotlight by crossing the three trillion valuation mark for the first time. It's been quite the journey for this tech giant, and with a price target of 200 on the horizon, the future looks promising. However, if we see a summer pullback, keep an eye on the 175 support level. A breach below that would not bode well for the overall market sentiment.
Now, let's talk about the Fear Index, aka the VIX. On a weekly basis, it's been on a sell signal since late March, indicating that investors are still willing to seek new opportunities and buy the dip. This positive tone has resulted in the TSX, DOW, S&P 500, and Nasdaq posting gains ranging from 3% to 6.5% for the month. However, not all sectors thrived, with Canadian Marijuana stocks and Silver miners experiencing dips.
Looking ahead, July historically brings a summer rally, which has been quite bullish over the years. As we approach quarter-end and month-end, it'll be fascinating to see how things wrap up this week. Our technical analysis shows potential resistance levels for various indices and ETFs, so keep an eye on those as well.
In conclusion, my fellow investors, we've had quite the ride during the first half of 2023. While uncertainties persist, it's essential to follow the money and make informed decisions rather than getting swayed by market noise or projections. Stay tuned for our next update on Wednesday night, where we'll dive deeper into the latest data and make decisions based on that. Until then, happy investing, and remember, the market rollercoaster is all part of the thrilling journey!
That's a wrap for today's blog post, folks. Feel free to swing by and say hi if you're in the Yonge & Bloor neighborhood tomorrow morning. Otherwise, have an amazing day, and I'll catch you all on Thursday morning with more insights and updates. Stay invested, stay informed, and let's conquer the market together!
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