Weekend Market Report
May 01, 2022The market seemed to be in a good place to post a rally on Thursday after the market got oversold on Wednesday and it undercut prior lows set on March 14th.
However, this turned out to be a very short term rally as the market continued to roll over on Friday after Nasdaq big tech name FB (Facebook) reported earnings which appeared to disappoint..... As of Friday, FB is down almost 55% since September..
Friday the Nasdaq fell 4.17% on lighter volume and undercut the March 21' low while the S&P also made fresh lows down 3.63% on heavier volume...
That said, last week turned out to be a very bearish week indeed.
Where is the market headed from here. Seems like there are two possibilities...
First possibility is that the Fed continues to increase interest rates to dampen inflation which kills the economy and equities, at which point they begin to reverse the policy.
The second possibility is that the economy slows faster than most think. Then, the Federal Reserve is returns to QE and stocks begin to rise again...
Regardless of which actually occurs, the current market direction appears to be down, down, down....
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