The market is off this morning’s lows, and it moved briefly into positive territory, but it remains unable to dig itself out of its hole. Dovish comments from Minneapolis Fed President Neel Kashkari helped cut some of the  losses after mentioning that he sees the Fed’s neutral rate at 2% and is confident the Fed will do what is needed to bring inflation down.

While stocks are down, the 10-year note continues its road higher and is up 2 basis points to 3.08%.

Only two sectors are in green territory with Energy leading. NRG Energy (NRG) is the top gainer in the S&P 500 after posting a big profit this morning.

Points to Resolve

Let’s look at this data from Sentiment Trader, which confirms the market is oversold and is getting closer to a bottom. Correlations go to 1 during panics (see chart). While we are not there yet, it is climbing quickly among tech stocks.

This is a bottoming process, and we should be prepared to score big.  

Have a great weekend and prayer for peace and the Ukrainians.