Selling without a Reason
Selling without a Reason, that is the best way to characterize today’s market. The stocks that defined the 5/11 to 6/17 bottom, the EV, Core Tech, and Bio areas are holding.
Yesterday we got a little more backing and filling, to complete the 5/11 to 6/17 bottom, than I expected, but well within possible parameters. Thursday and Friday have the Fireworks potential in more than one way.
Here is a chart that is an updated outgrowth of a chart showing the relationship of change in interest rate yield curves and SPX movement. It shows the sharp volatility that is characteristic of YC and SPX turns and which occurred out of the 5.10.22 bottom..