Week of July 13, 2026
Several standoffs continue to shape the investment landscape: the United States and Iran, Republicans and Democrats over fiscal policy, Russia and Ukraine, and, perhaps most importantly, the tug-of-war between bond vigilantes demanding fiscal discipline and equity investors willing to pay ever-higher prices based on future expectations. None has reached a decisive conclusion. Until they do, markets are likely to remain in a holding pattern, reacting to headlines rather than to lasting changes in fundamentals. At times like these, patience is not inactivity — it is discipline. Our Sigma Signals remain unchanged.
Bob Bilkie, CFA
