The Gilmo Report

July 31, 2022

July 30, 2022 4:32 pm ET

The bear market rally continues following a week where we saw the market rally in response to a 75-basis point Fed rate increase, a -0.9% first estimate decline in Q2 GDP, and earnings reports from big-stock index names that were primarily of the not-as-bad-as-expected variety. This has kept the rally alive based solely on the idea that the Fed will soon capitulate on interest rate hikes and return to its money-printing ways.

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