Almanac Trader

We welcome today’s solid NASDAQ and Russell 2000 gains as we continue to hold associated long positions from our Seasonal MACD Buy signal last October. A better than anticipated CPI reading from the Bureau of Labor Statistics and a Fed announcement are keeping interest rate cut optimism alive and well with signs pointing to the possibility of two small cuts later this year. This optimism has also fueled above average election-year June gains. 

As of today’s close, NASDAQ is up 5.22%, S&P 500 is up 2.72% and Russell 1000 is up 2.53% so far this June. Compared to historical election-year performance this is more than double. DJIA and Russell 2000 have not been as strong and are below historical average performance. Early June strength has materialized but it has not been across the board. Thus far historical softness ahead of mid-June appears to have been overcome, the next hurdle will be historical weakness later in the month, typically in the week after quadruple witching options expiration on June 21.