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12 August
Why 6,500 can be a launching pad for the S&P 500, according to this trader

In thin summer markets, round numbers become magnets, says a popular newsletter author

Underweight positioning could fuel an extension of the stock-market rally.
Underweight positioning could fuel an extension of the stock-market rally. Photo: Agence France-Presse/Getty Image

The S&P 500 sits a fraction shy of its record close. Inevitably the altitude makes some twitchy, pointing to perhaps 6,500 where the air may be too thin to sustain bullish life forms.

But for Lord Fed, the pseudonym for the investor and author of Lord Fed’s Gazette, Substack’s 13th most popular finance blog, that level represents not a summit, but a launchpad.