Hi all,
The Dow, QQQ, and SPY all ended positive on the week while the small-cap IWM suffered a significant drop. There was lots of volatility on Thursday with the 30-year treasury auction going poorly and then at 2 PM Powell spoke.
After the mild-mannered Fed chair told someone to “close the f@#$ing door” he went on to say that the inflation fight is far from over and more rate hikes are on the table. The markets all sold off hard.
However, everything changed on Friday as yields pulled back and the buying brigade pushed the markets back up to recapture all the losses from Thursday.
Friday after the close, Moody’s announced it had cut its US economic outlook to negative. We will see if that has any impact on Monday morning.
Seasonally we could be setting up for an end-of-year Santa rally. The likely scenario is that we go higher. Especially the tech sector and semiconductors.
Recap Video:
Sectors in Play Last Week
Key Levels for this Week
What to Watch for this Week
Earnings this week
Tracking
Sector Watch
Positions
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