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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