“[The price of] Crude Oil has round tripped to its prewar price on a reopening that hasn’t happened and a glut that isn’t here” … Renegade Resources, 7/05/2026
“We’re taking profits after an historic rally… equal weighted strategies, emerging markets and cyclicals/real assets are all leading the market” … John Davi, Astoria Advisors 7/6/2026
Where Are We, End of June 2026?
Inflation and interest rates are a concern, and the price of energy is a big part of that. The stock market has been behaving as though there is not much concern in the world about availability and free flow of energy. Russia, a major supplier of oil, is losing virtually all its oil refining capacity to Ukrainian drone attacks. How will the world economy be affected as the Russian economy spirals toward collapse?
Some of you have asked me why I did not embrace the Spacex stock, either before or after the public offering. My concern can be stated simply: the value of Spacex is greater than Amazon. It may pay off, and many analysts recommend it. But I have trouble with the value, given that perspective.
Stock market leadership has taken a turn, as the Mag 7 stocks (Google, Amazon, Apple, Meta, Microsoft, Nvidia, Tesla) are actually down slightly YTD, on average. As you can see below, the market averages generally lost value in June, whereas our brokerage accounts mostly made money, thanks to our momentum holdings, These follow an algorithm that shifts automatically toward whichever stocks are leading the way.
Last month, I spoke about the start of a down-market cycle. This may be correct, but we can never know until it happens.
Astoria Advisors
As mentioned last month, I have established a relationship with Astoria Advisors, www.astoriaadvisors.com, a multi-billion-dollar firm that will serve as my sub-advisor. I have sent many of you an email with more details, along with a Fidelity form needed to move forward. It’s a tedious process. If you would like to talk, or receive the form, please email or call me.
Following is the performance of the market indexes and our funds in June:
| Jun-26 | |||
| S&P 500 | -1.06% | ||
| Nasdaq (technology) | -2.81% | ||
| Dow 30 | 2.52% | ||
| Morningstar US Mkt (all stocks) | -0.64% | ||
| Morningstar US Small Companies | 3.71% | ||
| 2 year Treasury YIELD | 4.15% | ||
| 5 year Treasury YIELD | 4.24% | ||
| FBCG | -1.48% | Fidelity Blue Chip Growth | stock ETF |
| SPMO | 7.43% | Invesco S&P 500 Momentum | stock ETF |
| XSMO | 6.39% | Invesco Small cap Momentum | stock ETF |
| XMMO | 0.91% | Invesco Midcap Momentum | stock ETF |
| TMFC | -3.08% | Motley Fool 100 | stock ETF |
| VBR | 3.94% | Vanguard Small Cap Value | stock ETF |
| RSP | 2.28% | Invesco S&P Equal Wt | stock ETF |
| NOBL | 5.23% | Dividend Aristocrats | stock ETF |
| PPI | -1.00% | Astoria Real Assets | stock ETF |
| GQQQ | 0.62% | Astoria US Quality Growth | stock ETF |
| ROE | 1.92% | Astoria US Equal Weight Quality | stock ETF |
| AGGA | 0.20% | Astoria US Core Fixed Income | ETF Income Fund |
| FBGRX | 0.63% | Fidelity Blue Chip Growth | stock mutual fund |
| OBMCX | 11.11% | Oberweis Micro-Cap | stock mutual fund |
| FSLVX | 1.81% | Fidelity Large Cap Value | stock mutual fund |
| FSMVX | 6.19% | Fidelity Mid Cap Value | stock mutual fund |
| FCPVX | 9.67% | Fidelity Small Cap Value | stock mutual fund |
| BUCK | 0.47% | Simplify Stable Income | ETF Income Fund |
| BMACX | 0.40% | Blackstone Income Fund | income mutual fund |
| CCLFX | 0.48% | Cliffwater Corporate Lending | income mutual fund |
| CELFX | 0.55% | Cliffwater Enhanced Lending | income mutual fund |
| CFRAX | -0.34% | Catalyst floating rate | income mutual fund |
| EIFAX | -0.29% | Eaton Vance floating rate | income mutual fund |
| FFRAX | -0.16% | Fidelity floating rate | income mutual fund |
| RNDLX | 0.18% | RiverNorth Strategic | income mutual fund |
| FAGIX | 0.56% | Fidelity Capital & Income | income mutual fund |
| Starwood REIT, class I | 0.14% | May* | real estate investment trust |
| Blackstone REIT, class I | 0.90% | May* | real estate investment trust |
| Fidelity Credit Fd, class I | 0.65% | May* | private lending trust |
| Blackstone Credit Fd, class I | 0.40% | May* | private lending trust |
| Blackrock Credit Fd, class I | 0.84% | May* | private lending trust |
(Courtesy morningstar.com)
* 1-month reporting lag
Following are your June investment results:
We should talk if you would like to review exactly where you stand or if we should consider a change. I am available at your convenience. I have Google Meet and Zoom in case you would like to do a video conference. KII’s most recent ADV Part 2 Brochure and Privacy Policy are each available upon request. Also, please consult your Fidelity statement for advisor fee information.
Best,