Market Commentary
So, bad news is bad news, right?
Sort of.
Right now, stocks are getting pushed down pretty good. The S&P 500 is in no-man’s land between the 200- day moving average and 50-day moving average. That’s down around 3,800. This means do not force the issue right here.
There is a gap a little lower that could be filled and would make for a good test of support.
In my opinion, the market is overreacting. But the vacuum of leadership, and tough talk from central bankers on both sides of the Atlantic, is setting the tone.
But for only for stocks.
Bad News is Bad News
The bad news is a gang of economic data was off the mark this morning, and made some of Powell’s comments seem off the market as well, which leads me to believe this selloff is more of a ‘no confidence’ vote.
The chances of a 25 bps hike at the next meeting in February got even stronger after all those misses, which means closer to the terminal rate. The market should be cautiously optimistic, but instead, there is mass frustration.
Meanwhile, bond yields are meandering – no signs of panic.
Comments |
No news is good news. robert brush on 12/15/2022 1:13:01 PM |
Charles, your spot on. FTX is not helping matters and Biden Admin. not a clue of running the country and the border. Dennis R. on 12/15/2022 1:47:09 PM |
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