Momentum Monday – The Downward Momentum Keeps Up.
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This week will not be for the feint of heart.
The momentum remains negative and the earnings season is getting into full gear.
The indexes remain well below their 200 day moving averages and the US dollar keeps rising with rates. The rising US dollar is crushing stocks and putting pressure on countries outside the USA and rising rates are putting pressure on our own debt service payments at home.
Ivanhoff and I cover this and more in this weeks Momentum Monday. You can watch or listen right here (please subscribe) on YouTube. I have embedded it on the blog just below as well:
Here are Ivanhoff’s thoughts:
What a crazy week! It wasn’t a big surprise that both PPI and CPI came above estimates on both year-over-year and month-over-month basis. What was somewhat unexpected was the initial market reaction. Most stocks sold off hard in the pre-market on Thursday when the CPI news broke out. The second the market opened, all we saw was relentless dip buying all day. What started as short sellers taking some profits after the indexes went down multiple days in a row and gapped down; (Read more...)