Market Summary
| Index | Value | Change | Percentage |
|---|---|---|---|
| Dow | 30,981.33 | -192.51 | -0.62 |
| S&P 500 | 3,818.80 | -35.63 | -0.92 |
| Nasdaq | 11,364.73 | -107.87 | -0.95 |
| Russel 2K | 1,728.18 | -3.83 | -0.22 |
| VIX | 27.29 | 1.12 | 4.28 |
Yet another red day - VERY red day I should add. All eyes are on tomorrow’s CPI report. I think market is pricing in a very bad news. I can’t believe Powell fooled us stating “Inflation is transitory”. What happened to the “transition”? It feels like the inflation is here to stay.
TSLA had a brutal day, although at the near closing of market it recovered most of the loss which is good. Day traders are in this market like a hawk. They are making money on the massive volatility. Can’t say I can blame them.
NIO recovered a tiny bit from last couple of days sell off. Chinese Covid fear causing massive FUD. VIX is up almost 10 percent in the last two days.
Crypto appears to be stuck on Crypto winter. I have read the bottom should be in Q3 of 2022 with Q4 a bull run. Prediction S&P ends the year between 4700-4900.
Strategy
- Look for signs of market bottoming, which may have already happened.
- Watch for inflation flatten up
News
- Greater China stocks fall as Covid concerns resurge; Asia-Pacific markets fall
- Markets Brief: Ahead of the Next CPI Report, More Signs Inflation is Peaking
- Oil tumbles as much as 10%, breaks below $100 as recession fears mount
- Tesla is still the world’s largest electric car producer despite what you are hearing
- Analysts Confident in Tesla’s Strong Growth Outlook Despite Q2 Slowdown