Bull Market Or Bear Market Rally?
Portfolio Pulse from Thrash Capital
The article discusses the uncertainty in the market, questioning whether it is a bull market or a bear market rally. It mentions the dip in the market, the reduction of the end-of-year target for the S&P 500 by Fundstrats Tom Lee, and the unstable inflation situation. The article also highlights the performance of the Russell 2000 ETF (IWM) and the SPDR ETF (XLC), suggesting a low risk appetite and potential continuation to the downside.
October 31, 2023 | 1:30 pm
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NEGATIVE IMPACT
The Russell 2000 ETF (IWM) is contesting its low from October of last year, suggesting a low risk appetite in the market.
The article suggests that the performance of IWM is a measure of risk appetite in the market. As it is contesting its low from last year, it indicates a low risk appetite which could negatively impact its price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR ETF (XLC) has outperformed all other SPDR ETFs year-to-date, but the recent drawdown and the crossing of the weekly 9EMA under the 20 moving average suggest a potential continuation to the downside.
Despite XLC's strong performance year-to-date, the recent drawdown and the crossing of the weekly 9EMA under the 20 moving average suggest a bearish trend. This could negatively impact its price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80