Market Report for Jan 27 2022
S&P 500 = Mixed
Nasdaq Composite = Mixed
Dow Jones Industrial Average -6.0% YTD
S&P 500 -8.7% YTD
Russell 2000 -12.0% YTD
Nasdaq Composite -13.4% YTD
NYSE Vol: 1.2 bln (Above)
Nasdaq Vol: 5.7 bln (Above)
A bullish start and follow-through to Wednesday’s session was halted and the markets retreated once Chair Powell started his press conference. Not too many details were disclosed in how the Fed will be dealing with the high inflation risks but the support from the Fed will be less so going forward, which we all knew anyway. As expected, no change to rates at this time but it looks like March or April will be the start of those expected increases.
At the start of yesterday session, all of our positions were in profit. At the end of the Fed speech, just over a quarter of our positions closed the day in profit,
MSFT with its good earnings has offered some help in this testing market. Yesterday TSLA took to the stage after the market close and beat expectations by 7.50%.
We are still cautious but also buying into this market.
Let’s go trade!