Quick Hits for the Week of 10/16/22 —You ain’t Seen Nothing Yet!
Seen this scary movie..., Market Summary, Hot Trades 🔥
Weekly Market Report
After some of the biggest intraday 6% swings in the market this week, the SPY closed down -3.07%. SPY closed at 357.63, below the June lows of 362.17, and below the 200 SMA of 359.15. That being said, we did close above the weekly low on Thursday morning of 348.11.
Interest Rate Yields and the Dollar continued to rise.
On Thursday we received September core month over month CPI data (0.6%), and it was hotter than forecast. This seems to have sent the market waaaayyy down in the morning, then to the moon in the afternoon.
Still stuck in the 19,000 range, and trading below the 200 day SMA, but less volatile than the S&P500.
Rates continued to ascend, all up over 12 BPS.
The VIX continues to trade over 30 at 32.02, up 5.40% for the week.
The dollar went up about .75% this past week.
A huge smorgasboard of companies report next week. Keep an eye on our discord for more real-time trade ideas throughout the week!
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