Market Recap

Dow: -220.99…
Nasdaq: -49.74… S&P: -26.09…

A soft start for the market firmed up as the day progressed thanks to the stabilization of the mega-cap stocks and a welcome pullback in crude oil prices, which flirted with $120.00/bbl early in the day before settling the session up just 0.1% at $114.93/bbl.

The pop in oil prices stemmed from a report that EU leaders had agreed to a ban on 90% of Russia’s crude imports by the end of the year.

Many of the energy names hit some short-term resistance today and backed off.

We have seen a nice little bounce but it’s still just a bear market rally in my view.

On average, a bear market rally rallies 10% in 29 days.

ET and VET were triggered today and got added to the P&L.

18 months ago Zoom had a bigger market cap than Exxon Mobil. Today Exxon Mobil is 10x bigger than Zoom. That in a nutshell tells you about the rotation.

P&L here

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