What a month. But for the last two trading days, which were sharply higher, this month has seen a lot of blood-letting (especially in high-flying growth names) and, at least for a time, all the indices traded or closed in "correction" territory (i.e., down 10% or more). Still, even with two very sharply higher days, the Naz remains down 9% for the year and remains just below its 200-day MA. So it remains to be seen whether the last two days were part of an oversold relief rally (before another leg down to a bear market) or a substantive resumption of the bull. It's obviously impossible tell, but there's no doubt the predicted changes in interest rates is weighing on the market and could, in fact, tip us into a recession if we slow too rapidly.
Of course, none of this really matters to someone who's not trading (i.e., me), but it's nice to understand what's happening all the same. In fact, I used the opportunity to buy new chunks of my favorite ETFs on January 24 and have now established my portfolio allocation goals for the foreseeable future.
Next up is selling my house and, if possible, finding another one. |