Weekly Market Report - 5/15/22
Lots of red, then some green later in the week, the S&P 500 ended the week down -2.41%. BTC is down over -17% the past week,
Weekly Market Report
Weekly Market Report - The S&P 500 ended the week down -2.41%, but was even lower at various times this past Wednesday and Thursday. Eventually, a rally on Thursday came, and a gap up on Friday, but it wasn't enough to pull the index into green for the week. All sectors pulled back except for consumer staples. We continue to trade over 7% below the 200 day exponential moving average (red line above).
source: sector tracker
The Weekly Crypto Report - Trading around 30K, BTC is down over -17% the past week, and trades 40% below the 200 day exponential moving average (red line).
Most of the news this week came from the destabilization of the stablecoin UST, and it's partner Terra/Luna. UST is supposed to be pegged to the US Dollar, but went from $1 in value to as low as $0.05. Terra/Luna went from $88 on 5/4 to $0.0002 at the time of this writing. Many exchanges have halted Terra/Luna from trading all together. The lesson here is to diversify and never put all your eggs in one basket.
I continue to accumulate crypto such as BTC and ETH on these dips with the Gemini Crypto rewards credit card.
Finviz Weekly Market Heatmap
Since this is a weekly heatmap, you won't really see much of the green we saw towards the end of the of this week. We are still down on a weekly basis but there are some interesting opportunities out there for the long term investors in both growth and value stocks.
source: finviz
Interest Rate Watcher
All yields were down this week with the 10 year down a whopping 6.82%.The yield curve (distance between 10, 30, and 2 year), looks to be steepening. The 10 year is < 3% now, but for how long?
The VIX
The VIX ended the week below a 30 reading. Is the worst over, or will there be another leg up this next week? Time will tell.
The Fear & Greed Index worsened from a reading of 16 one week ago to 12 this week.
The US Dollar
The US dollar gained almost 1% this week. Betting the dollar will mean-revert lower, I sold an out of the money call option on the Small Dollar Futures index, which I detail below in the Hot Trades section (for premium members.)
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