July in Review
July was the sixth straight positive month for the SPX, which closed up 18% YTD. Despite another positive month, there were cross currents under the surface that led to difficulties in positions related to economic growth and inflation. First, volatility (VIX) saw its first monthly increase since the GameStop chaos in January 2021. In addition, small cap stocks (the Russell 2000) had their weakest month since March of 2020 amidst the original COVID panic.
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