"Do what you can, with what you've got, where you are."
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Weekly Market Report

• We started this month and quarter with a bang up over 5% Monday and Tuesday, then gave most of it back by the end of the week, ending +0.27%.

• Jobless Claims hit a 5 month low of 219,000. While this is good for those seeking jobs, it goes counter to the Fed's desire to curb inflation. As a result of this, the current thinking is that the Fed will stay on course to raise rates aggressively. This seems to have spooked the market.

• SPY is hanging on by a thread trading above the 200 SMA and June lows.

• The VIX retreated slightly, but we're still over 30. High volatility is the new normal.

• BTC continued to trade around 19K.

• Also beating the S&P were commodities such as precious metals and crude: silver was up over 5%, gold was up about 2%, and crude was up a whopping 15% -- driving the Energy sector (XLE).

SPY

SPY had a wild ride this week. It gained more than 5% early in the week, then gave almost all of it back, ending the week up +0.27%. Closing on Friday at 362.79, it closed above the 200 SMA (358.66) and a hair above the June lows of 362.17.

Bitcoin

Still stuck in the 19,000 range, and trading below the 200 day SMA. 

Finviz Weekly Heatmap

source: finviz

Energy led, up by 13%, while Real Estate (-4%) / Utilities (-2.5%) lagged.

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