FOMC will be on 26-27th July. One week before FOMC is the blackout period so there will be no news/update from any FOMC participants. As such, the main driver for the US market will be on the earning reports. Up to now, 48 companies (9%) had reported their earnings. More than 60% beat the estimate in term of revenue/EPS. Though the estimate is generally lower, having more companies beating the expectations will bring a more positive sentiment to the market. Many are now slightly more optimistic on the rest of the earning reports. As long as we do not have any big company coming out with disastrous earning report, or any black swan event (Nord Stream 1?), we should see a slow grind upwards. Hope the positive vibes will continue. As usual, safety first and have proper risk management in place.
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