Closed Green Again

Wow... What an absolutely absurd trading day...

Well… bad news is officially good news again. There’s new speculation that this whole stagflation situation will force the Fed in a box and that will force them to ignore inflation and instead focus on stability. That’s insane… but the Bank of England did this just a few years ago. But if that’s the case, gold prices did nothing to reflect it.

The key today is that the S&P 500 finished above the key technical line of 5,500.

I do not trust this market anywhere above 5,600… largely because excess liquidity has dissipated, and I’m not sure where the support will come from. Oil prices dropped hard, which is good for deflationary issues…

I must say that I’m dizzy…

The number of stocks in our breakout zone hit 51 today…

The breakdown number collapsed… Just 12 stocks (regardless of Beta on the S&P 500) are down 5% in the week and down on the month.

That said… META and MSFT are both reporting… and so far, so good.

Be cautious…

Keep an eye on all moving averages, and expect a lot more chop in the …