One characteristic of a Bear market are relief rallies, which start strong, but which also eventually run out of steam.
We have seen this during the week, as a gauge of global stocks fell on Friday to end the trading week on a down note after five straight sessions of gains. In addition, the dollar dipped against a basket of major currencies after soft data on U.S. business activity was released.
Friday was wobbly on Wall Street which posted modest losses in early trading but declines on the S&P 500 accelerated as Big Tech names such as Meta and Alphabet lost ground in the wake of earnings from Snap Inc which plunged 39.08%.
Defensive sectors such as utilities and consumer staples were among the few advancers
“Every rally we have had during this bear market, there have been a number of sharp rallies and then they fade and we set new lows and that has been a pretty consistent pattern here,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. “Everybody is looking for the turn, everybody is trying to guess at when we get a sustained rally, and everybody is hoping for one, but to me there is still a lot of unknown ahead of us.”
[CONTENTS] 0:00 Start 0:15 Introduction 0:12 Bear Market Bounces 3:30 Fed and Economic Data 5:40 US Markets 8:20 US Dollar 09:40 Oil 11:10 European Markets 14:00 Wheat Agreement 18:20 Gold 19:30 Asian Markets 20:20 Australian Markets 23:20 NAB Rate Outlook Up 24:30 Outlook 27:25 Crypto 28:00 Summary and Close
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