Market Update: We’re negative across the board with serious weakness in real estate, utilities, and any rate-sensitive sectors. Even energy is selling off. As I warned in the Republic Risk Letter - the headlines for massive upticks in oil prices had started last week, and these extreme headlines tend to drag retail investors into the fold - while funds use the pops to take risk off the table. Hedge funds are also aggressively shorting energy now - trying to make up for losses on other bad bets. Stay vigilant.
Consumer cyclicals are getting crushed, but we have a little strength today in technology around the semi-sector. That latter pop likely won’t last if we start to see aggressive fund selling in the coming days.
Keep reading with a 7-day free trial
Subscribe to Me and the Money Printer to keep reading this post and get 7 days of free access to the full post archives.