Alan Clymer

The View from 5th AvenueBy Alan Clymer

The View from 5th Avenue – 26 May 2022

No News is Good News! This post Fed-minutes mentality that markets finished with yesterday continued into today, and markets were primed to bounce again – they did just that, with the most beleaguered names once again leading the way. A few better than expected Retail reports (DG +13.8%, DLTR +21.9%, M +19.3%)  helped futures shrug off some of the early strains from Big Tech, but this morning’s backwards looking economic data didn’t help ease the growth fears that have weighed recently.

The View from 5th AvenueBy Alan Clymer

The View from 5th Avenue – 19 May 2022

It doesn’t feel great that the day after the biggest down day for the S&P since June 2020 is followed not by a bounce, but another down day. There are a lot of worrying takeaways from today’s market, but perhaps the most important is that we still have not yet hit capitulation. As our charts team so eloquently puts it, if you have to keep asking if it happened, it hasn’t happened yet – you’ll know it when you see it

The View from 5th AvenueBy Alan Clymer

The View from 5th Avenue – 6 May 2022

Today was certainly a tough end to a relentless week, but at least now it can be put in the rear-view mirror. It seems everywhere we turn there is disheartening stat after disheartening stat, so this View will try to avoid repeating those as much as possible (although not entirely). While yesterday’s sell off left a foul taste in investors’ mouths and pushed indices back on to the doorstep of year to date lows, no important technical levels were broken (although the NDX did make a bearish new price low for the first since December ‘20).