There's only 1 thing you need to know about stocks today, this market vet says
Investors look ready to press pause on the stock rally, a day after the S&P 500 SPX, +1.20% finally moved into positive territory for the year, and the Nasdaq COMP, +1.12% marked its first record close since Feb. 19.
Saut stands by what he told this column last October, that stocks are in the grips of a secular bull market that started in March 2009. He is referring to a long-running trend that can last up to 25 years, but is often marked by smaller bear markets — secular bear markets work the other way around. “I think we’re working up to a near-term trading peak in mid-June, but it could be that it doesn’t really pull back and just consolidates and goes sideways, and you get another leg up to make new all-time highs,” he says, adding that those new highs will likely arrive by December.
The market Dow YM00, -0.91%, S&P ES00, -0.79% and Nasdaq NQ00, -0.32% futures are down, alongside European stocks SXXP, -1.23%. Oil CL.1, -0.34% is pulling back and the dollar DXY, +0.20% is up.
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