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The first half of 2023 is in the books and the market closed out the month of June on a high note. During June the market made some important progress on several fronts.
Historically February is second only to September to win the banner for worst month of the year for stocks. It was the roughest month since September for the stock and bond markets.
A better understanding of what is going on in the market results from digging deeper than the performance of major indexes. By the end of January all eleven major industry sectors are in a positive trend.
The curtain has dropped on 2022 and what a challenging year it was. The old saw “as January goes so goes the year” was certainly true for 2022.
After a seven week run, the Dow attained its highest level in seven months. The index rallied 20% off the bottom that was set on October 13th and has recovered about 62% of its year-to-date losses.
After four failed rallies this year, the October rally is the fifth attempt to recover from this year’s bear market. We see some encouraging signs, but only time will tell if this October rally holds.