February 8, 2023
Good morning,
The equity market, in S&P 500 Index terms, has meandered a bit now into its third trading session of the week. Down -.61% on Monday, up +1.29% on Tuesday, and down ~-.50% in pre-market trading this morning. It looks like we have a newly defined bull market, acting like a bull market in its reaction to the Fed’s persistent fighting-inflation-for-longer narrative. More Fed regional president’s speaking this week, more earnings announcements to be consumed, and a still very over-bought (optimistic) sentiment reading. All ingredients for a correction following the now 8% rally since the start of the year.
Be well,
Mike