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This is an abridged version of Friday’s subscriber post, The Afternoon Update (some of the stuff in there is for subscribers only). Last Wednesday’s FOMC came in as expected with a 75 basis point rate hike. Admittedly, that’s a decent hike after the last 75 bp hike. I’m not 100% certain, but I think it’s […]Read More »
As covered in Friday’s Afternoon Update, I was looking for the averages to start last week on a pull back. The week felt much more volatile than a pull back, but looking at NASDAQ-100, it lost -1.17% last week, but was up +4.66% the prior week. I would absolutely consider that a pull back/correction. However, […]Read More »
The market overcame a lot today – from a growth downgrade and inflation upgrade from the IMF, to a a spike in Treasury yields, and hawkish Fed-speak. At a virtual event by the Council on Foreign Relations (CFR) last night, St. Louis Fed President Bullard said of a Fed tightening cycle, “First of all, that […]Read More »
A continued decline in the price of crude oil and a decline in treasury yields was just what the market needed to rebound today. The decline in yields (mentioned as a possibility in the overnight section of last night’s Daily Wrap) was exactly what the growth stocks of the NASDAQ-100 needed to finally establish some […]Read More »
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Although the ride has been bumpy, I’m pretty happy with last Friday’s Afternoon Update forecast for this week, “I do like the looks of the charts heading into next week to add to the relief rally’s rebound. There may be a brief consolidation fairly early in the week, but that’s a positive in my view […]Read More »