Closing Bell 6-21-2022

Published on: June 21, 2022 | Reading Time: 2 min | Last Modified: June 21, 2022


Market Summary

S&P 5003,764.7989.952.45
Russel 2K1,694.0328.341.70

A Very green day and what a relief! All indexes are showing solid gains. The million dollar question is - the gain is here to stay?

VIX which measures public sentiment; remains high. In my opinion, VIX >= 28 indicates high [FUD](../(../glossary) (Fear Uncertainty Doubt). Recession fear looms. No doubt, small/large recession is forth coming. Today definitely not a good day to buy anything, as we should watch and monitor the market tomorrow. I certainly hope the gain retains.

Massive losses on Crypto appears to be on pause and yes that is a relief. I believe ETH at one time went down to 890 which is a massive discount for anyone who has the dry powder (cash) to get on ETH. I certainly wish I did.

Finally, TSLA is showing a strong day. After weeks of massive downtrend, the stock is gaining some long awaited steam. Elon Musk clarifies company’s layoff plans. Musk said the company will lay off 3.5% of the workforce, calling the amount “not super material.”

Palantir Technologies — Shares surged more than 7% after Bank of America initiated coverage of the defense tech company with a buy rating. The firm said investors are underestimating the demand for artificial intelligence that should boost Palantir’s stock.

Predictions : I think Wednesday 6/22/2022 will be red. The question is how red!

News : BOFA says next bull market is just months away!

Strategy : (No Change) Look for short term gains; hold on to the long term securities. Same as before, add crypto into the mix for long term holdings.

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