Every year I say the same thing...
PEOPLE HEDGE THEIR STOCK EXPOSURE DURING SUMMER VACATIONS.
so, there will be no big declines because hedges create demand when vacationers get back home.
like clockwork...every time.
so, a near term decline may be possible, but, recovery right after the 4th.
Back in 1929, there were only a few people (with extra money) who were trading. The "shoeshine boy" story was fiction. ... and the "connected money" took all of the specs to the barn. I knew a woman (I've told this before here) who lost $25,000 "trading on the margin" (as she put it). Her daddy paid off her debit when she promised never to trade on margin again...and she said she never did. So, I guess we should look for a top when females are trading "on the margin". Sounds sexist...but, it seems to fit where we are now..... should be a blow off top at some point. Negative rates would do it.....Negative rates would take care of financing our debts as a country.