We didn't know when, but it was only a matter of time before we saw a relief rally. Bear market rallies can be explosive, and I think yesterday's move certainly qualifies as explosive.
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Admin note: Just a reminder that I am on vacation this week. I will check in every day but the commentaries will be brief because of some personal plans. If something major happens I'll try to address that the best I can. My schedule will be completely off being in a different time zone so I'll apologize in advance, and appreciate your patience if I respond late to emails, or post reports and update the AutoTracker later than usual. Premium alerts will go out as needed
A sharp drop in yields and the dollar triggered the reversal, but there was one head scratcher considering the strength. Remember my "As goes Apple" theory? It was actually down on the day, although it turned an early 5% decline due to supply chain issues, into a modest 1% loss by the close. But it is a rare day when Apple is down and the Nasdaq, and the rest of the market, is up big.
Now the question is how long can it last? It is not uncommon for money to come into the market at the end / beginning of a month so this seems like a reasonable place for some relief, despite being in a market that has been anything but reasonable.
I'll be back in the office next week, and on my regular schedule. Thanks so much for putting up with my limited analysis this week!
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Thanks so much for reading. We'll see you back here tomorrow.
Tom Crowley
Posted daily at www.tsptalk.com/comments.php
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