Commenting on today’s trading with a focus on potential conflict in the middle east moving oil prices, Gorilla Trades strategist Ken Berman said:
Today’s session proved the strength of the underlying bullish trend, as even the risk of an oil shock and a widespread conflict in the Middle East wasn’t enough to cause a meaningful pullback. Although the price of oil jumped by almost 15% today, stocks and bond yields barely budged, and equities outside the energy sector traded in narrow ranges, as usual ahead of Fed meetings.
The major indices edged lower in choppy trading today, and the Dow broke its eight-day winning streak, as investors tried to judge the consequences of the attack on the Saudi oil industry. The Dow was down 144 or 0.5%, to 27,182, the Nasdaq lost 23, or 0.3%, to 8,154, while the S&P 500 fell by 9, or 0.3%, to 2,998. Advancing issues outnumbered decliners by a 5-to-4 ratio on the NYSE, where volume was slightly below average.
RV Capital Co-Investor Letter for the first half ended June 2022. Q2 2022 hedge fund letters, conferences and more Dear Co-Investors,