Market Recap

Dow: +1.05…
Nasdaq: -262.59… S&P: -31.20…

Nasdaq is down 20%. My therapist bill is up 20%. Perfectly hedged.

The S&P 500 lost 0.7% on Monday, as the negative impact to growth stocks following another rise in Treasury yields outweighed the benefit of weaker oil prices ($102.82, -6.28, -5.8%). The Nasdaq (-2.0%) and Russell 2000 (-1.9%) both fell about 2%, while the Dow Jones Industrial Average finished flat.

Declining issues outpaced advancing issues by roughly a 3:1 margin at the NYSE and Nasdaq. So lousy breadth.

Maybe we will see a turnaround Tuesday but it still may be very ‘touch and go’ until we get through the Fed on Wednesday. The so-called “peace talks” are hilarious because Putin continues to beat Ukraine like a drum.

Commodities saw some hard profit-taking as crude dropped. Crude briefly broke $100 a barrel.  XME (metals and mining) was -5.7% and XLE (energy) was down 3.0%.

Portfolio names like CCJ, URA, MOS got hit.

ACI was the only stock that did anything today from last night’s watch list. It was the only ‘non’ oil/gold.

Tech, innovation, growth got hit hard today. ARKK was down 5.5% and hit new yearly lows.

It will be interesting to see what the market does after the Fed is done on Wednesday. Everyone expects a hike. It’s a matter of whether it’s 25 bps or 50bps.

It’s possible we get a relief rally either way just because the uncertainty will finally be removed.

See you in the morning.