Payne's Perspective: April 10, 2023: Turning Point
It was a good week for the market, edging closer to a moment of truth. But the week began with a twist that nobody had on their Bingo card. A surprise oil production cut by the Organization of the Petroleum Exporting Countries (OPEC) sent shocks around the world.
The stock market adjusted to the news, with oil stocks moving higher and some rotation out of the NASDAQ Composite into other stocks, including those most oversold.
The bond market continued to rally as big money moved to traditional fallback positions during times of stress and increased geopolitical concerns.
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