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Monday, May 2, 2022

Market Update - Weekly/ Monthly Wrap-up - Now does this look like a bear market?

 It's very unusual for the market to sell-off on the last day of the month, but that's what we saw on Friday. 


Now, if futures were down another 3% this  (Monday) morning, and we were seeing some follow-through (to the downside), maybe I could start looking for a bear market, but instead we're seeing futures up. 

Friday's sell-off wasn't even that bad, with the Dow ending 230 points lower than the low we saw on Wed.

$INDU - retest Wednesday's low. "This is nothing", as I keep tweeting.   

 


$NYSE -  you can see for yourself last months pullback is not even compatible to March 2020.  



 

The fake news can call last months action "the worst sell-off since March 2020", but that's not saying much. Even Fox News - over the weekend - was reporting on Friday's sell-off, as if it was historic, and taking a page from CNBC, they showed the 1 day ticker/ chart for maximum fear. 

The lame stream media also continues to report that there is some kind of, "Covid crisis in China", but then they fail to mention that Chinese internet stocks were up some 8% last week, with the Hang Seng up 3 day's in a row. 

$BABA was up another 6.8% on Friday!

3. Bloomberg finally report that Canada was down - last week - so they obviously know commodities, and especially Canadian energy stocks are only thing holding the $TSX up. Funny they didn't report that Canada was making new all time highs, the week before! 


I'll update again, when I can add some charts, but this obviously isn't a bear market.  

There's always the possibility that the recent weakness we've seen turns into something more, but it looks oversold to me, and the fed reports this week, and I would expect plenty of short covering ahead of the announcement.... 

Take Care, AA 



 




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