Why Stocks Aren't Melting Up Again Before a Vicious Selloff

The market is making a health move higher, for now. Tesla CEO Elon Musk should move to the chairman role.
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Bring on that slow summer week of trading. 

The Markets Are Acting Rationally

Markets continue to climb to new records on typical slow summer trading volume. Overall, the action in the markets appears normal -- not similar to the late January melt-up (we all know what happened after). More sectors are participating and the VIX (volatility index) remains tame.

Tesla's Saga

Elon Musk said Friday he is keeping Tesla (TSLA) - Get Report a public company, for now. Shares were hit in pre-market trading on Monday. Musk has lost a great deal of credibility during the take private saga, and it would be a good time to bring in a strong number two executive

Data Dump

The Fed should respect the inflationary outlook more than it does currently. 

Says my source at Nielsen:

"For the sixth consecutive week, soft drinks saw their highest average price per unit for the year. In fact, compared to this time last year, average unit prices this week have peaked for aluminum foil (+11%) and soft drinks (+5%)." Back to school appears costlier year over year, too. "Average unit prices this week are up 2% for office paper, 4% for pencils, 9% for pens and over 18% for highlighters."

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