Market Recap

Dow: -201.94…
Nasdaq: -55.38… S&P: -1.94…

The stock market began the week on a shaky note, causing the S&P 500 (-0.04%) to snap its four-day streak that lifted the benchmark index to a one-month high last week. The S&P 500 ended ahead of the Nasdaq (-0.4%) and Dow (-0.6%).

The S&P 500 flashed a modest gain in early trade that pushed the index above its 200-day moving average (4472), but that area served as resistance today while the 50-day moving average (4428) offered a measure of support. The S&P returned into negative territory in the early afternoon after Fed Chairman Powell said that the FOMC could raise rates by more than 25 bps on one or multiple occasions this year.

Rates are ripping.

Honey, did we get a fixed-rate mortgage back in January?

10-year treasury

Higher rates and inflation will kill this market, that’s why I’m not long a lot, and what I am long, are weirdo plays like uranium and fertilizers (MOS, CF,CCJ, etc..).

You mustn’t chase these names but they are buys on pullbacks longer-term (6-12 months).

As the mother of crashes is gaining speed, Japan today announced today that they are considering a stimulus plan of $10 trillion yen. These are the guys that bought their own ETF’s.  Just wow.

See you in the morning.


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