November 13th 2022
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Key Takeaways
- We upgrade our strategic outlook from cautious to bullish
- New uptrend is establishing but expect high volatility
- Short-term-oriented indicators critical to watch within the next couple of days
- Time to get back into the market by building up exposure (especially on weak trading days)
Market Review |
The market was in bounce mode last week as all major U.S. averages posted strong weekly gains (mainly driven by a strong up-day on Thursday). Adding 4.1% on a weekly basis, the Dow Jones Industrial Average closed at 33,747.86. The S&P 500 finished at 3,992.93 and jumped 5.9% this week. The broad index closed out its best week since June. The Nasdaq rocketed 8.1% from last Friday’s close to end 11,323.33. It was its best week since March. Among the key S&P sectors, technology was the best weekly performer, while utilities dragged the most. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, dropped to 22.5.
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