The first half of the year delivered superior returns for the US Stock Market as measured by the S&P 500 (+9.3%), but as we entered into the doldrums of Summer, that torrid pace slowed down considerably. June was a relatively flat month and the first few weeks of July have looked similar. While a strong first half typically follows with a strong second half (See Chart), a summer pullback or continued consolidation would be healthy. That said, as we look to the chart once again, the trend is our friend and as we’ve learned throughout the years, you don’t fight it.
