July 3, 2017

Stocks rose on Friday although they gave back about half of their gains in the final few minutes. Once again, high profile tech names, like Alphabet#, and Amazon, were the day’s big losers. Oil prices improved somewhat.

Today we will get our first real peek at June with the release of manufacturing PMI and auto sales data. It is likely to show a continuation of recent trends with manufacturing growing and auto sales weakening a bit. It will also be a shortened trading session ending at 1PM. Volume is almost certain to be very light amid only a trickle of news.

Sometimes, on these low volume days, stocks can do strange things if any kind of trading momentum develops. But more likely, very little will happen. It’s too early for corporations to preannounce anything, good or bad, about the second quarter. Washington is enjoying the 4th of July recess.

In fact, I presume very few people will be reading anything market related today. Instead they will be enjoying an extended holiday with July 4th happening tomorrow. With that thought, Happy 4th to everyone, and I will return with something hopefully more profound on Wednesday.

It’s been a nice six months for equity markets. There is little reason to expect the next six months to do quite as well. But with the economy hanging in and earnings continuing to grow, there are still reasons to smile. More Wednesday.

Today, Audra McDonald is 47. Tom Cruise is 55.

James M. Meyer, CFA 610-260-2220

Additional information is available upon request.
# – This security is owned by the author of this report or accounts under his management at Tower Bridge Advisors.

Additional information on companies in this report is available on request. This report is not a complete analysis of every material fact representing company, industry or security mentioned herein. This firm or its officers, stockholders, employees and clients, in the normal course of business, may have or acquire a position including options, if any, in the securities mentioned. This communication shall not be deemed to constitute an offer, or solicitation on our part with respect to the sale or purchase of any securities. The information above has been obtained from sources believed reliable, but is not necessarily complete and is not guaranteed. This report is prepared for general information only. It does not have regard to the specific investment objectives, financial situation or the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed in this report and should understand that statements regarding future prospects may not be realized. Opinions are subject to change without notice.

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