Quote:
Originally Posted by petegz28
Upon further review: it is possible yesterday set a bottom. That being said, it doesn't mean we won't trade back down to it, etc. but on a weekly chart of the QQQs, we did hit a support level.
We also have had the worst 2 consecutive months of market declines since Covid. That is significant because as nasty and potentially risky as the Ukraine fighting is, tit-for-tat, the Covid shutdown had a lot more of an economic impact globally and across all aspects of the economy.
We still have a lot of inflation to battle and we got yet another indicator this morning that was the highest since 1983 in the way of PCE inflation.
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I think that is certainly possible. It sure looks like the commodities set a top. It's certainly possible they are unwinding before the weekend and could get back after it Monday.
The grains have been moving opposite of the stock market for awhile, and I sold a ****ton of corn and wheat.