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Welcome to the entire committee. Lets check on the markets first this hour. We have run out of steam the dow is marginally to the down side. Down about 31 points in the red. The s p 500 just about even right now. Flat on the day. Level 2798 there the russell 2000 flat as well. As you can see that steam running oult as we rallied so strongly off the lows that we saw just about one month ago lets go to our Investment Committee with the traders here and perhaps well start with you. Youre the one right next to me in this box. What exactly is happening right now. Have we run out of steam for this particular rally . Well, i dont know necessarily running out of steam is a bad condition markets, generally, when they rally significantly need a pause and that pause is generally a consolidation type of pattern in the markets. I think right now, most investors and most speculators are anticipating a rollover and the concern that identif ....
Isnt lost. It may be found. What do we think about where we might go . I think were still stuck in a range, were battling with the emotions of feeling better, seeing corporate earnings do better than we expect. Were seeing goldman say things like, hey, were decreasing the chance of a recession. Then were fighting the math on it. I dont see how the multiple on the s p gets above 20 times. With that you have a heavy cap on the market. Were stuck in this range and it might take time to get out of it. Investors are impatient. Theres so much we still need to digest. Were digesting 18 months of rate hikes, the fed reducing their balance sheet, the inflation reduction act, unemployment levels that are changing, inventories. Everything is distorted. We want it to happen all at once, get back to high growth but its important to do that. I think were stuck. Joe, are we stuck . I think it rallied from the 4 low. Youve built in a cushion. I think jenny is on to something. Weve priced in the fact t ....
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