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April 29, 2022 – Just when you thought it couldn’t get worse . . . along came earnings. Apple was OK (at best) as well as FaceBook, but Google was poor with Amazon and NetFlix being actually bad. All eyes will be on the FED news conference on Wednesday afternoon. Not so much as the anticipated ½% rise in FED funds rates, but the prognostication for the future. China supply chain issues, the Ukraine war and inflation worries continue. Add to that the US dollar being very strong (that hurts exports) and the Yen and Euro being weak; things are out of balance. All chart indicators are bearish.
What we’re seeing here is a market where the “big money” is heavily hedged via futures and put options. The short term pops are basically short / hedge covering and then are being sold back down. Not too much is doing well right now. Even oil and commodities are running into upper level resistance . . . fears of a recession will do that. Have a good week. ........... Tom ............. *Sector strength table at: www.special-risk.net *