Market Report Mar 17 2022

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Market Report for Mar 17 2022

S&P 500 & Nasdaq

Market Trend:
S&P 500 = Mixed
Nasdaq Composite = Mixed

Stock Market %:
DJIA: +1.55
Nasdaq Composite: +3.77
S&P 500: +2.24
UK FTSE 100: +1.62

Market Volume:
NYSE Vol: 1.4 bln (Above)
Nasdaq Vol: 6.4 bln (Above)

Yields:
2-yr: +13 bps to 1.97%
3-yr: +10 bps to 2.15%
5-yr: +8 bps to 2.19%
10-yr: +2 bps to 2.18%
30-yr: -4 bps to 2.46%

Comments:
A stand aside day on Wednesday as we awaited the very much expected starting cycle of rate rises. The anticipated 25 bps rise was already factored into the market so in addition to comments out of China overnight, prior to the US open yesterday, boosted the market. Especially Chinese stocks.

Putting these volatile moves into perspective, BABA increased by 37% during the session. That is a big move. We exited this trade just 16 trading days ago and the closing price is still more than 12% away from that exit level. The last time price had a daily range this wide was way back in Dec 2020. Volatility aside, the stock might finally be looking like it wants to move upwards with the help of the market.

The markets broke through their recent pivot points and although showing some strength, they have more to prove before we have more belief. For now, price is still in consolidation but looking better than it did the day before.

We axed a lot of our positions back in November and December and as mentioned in recent days, now is the time we will be getting busier and possibly buying some of those back at lower levels.

Let’s go trade!