top of page
Writer's pictureIoannis Achilleus

Weekly Memorandum 1/3/2022

Stocks rallied to new all-time highs last week, with the exception of the Nasdaq. If the Nasdaq falls to join the new all-time high party, it could turn into a fairly potent sell signal, especially considering stocks haven't experienced a 10% drawdown since September 2020. Moreover, we are starting to see sectors like consumer staples and utilities outperform, which tends to be a risk-off signal.


Bonds were largely sideways, while Crude Oil was marginally higher. Precious metals staged a strong rally, but are down sharply so far on Monday. So long as a higher-low forms, there could still be a path for further upside in this downtrodden sector. The U.S. Dollar pulled back rather sharply on Friday, but overall, continues its consolidation near multi-year highs. This type of price action is bullish. Cryptocurrencies were mostly lower, as both Bitcoin and Ethereum continue to display technical issues in the short-term.


Tomorrow (Tuesday) ends the Santa Claus Rally period. So far, returns have been positive, which portends positive omens for stocks in 2022.

28 views0 comments

Recent Posts

See All

Comments


bottom of page