Noon Market Commentary
From Jordan Kimmel, Founder, MagnetInvesting Insights; Expert Contributor, The ProInvestor Insights Newsletter
• Technical models turned negative in the stock market as many of the hottest stocks were hit by profit taking. I think it may be more than just that.
• The stock market cracked, the bond market rallied, and recession fears have joined the inflation worries- and suddenly the mood has changed.
• The number of 52- week lows exploded and now we see more new lows than new highs. The advance decline line on Nasdaq looks awful.
• The exaggerated price moves in even big cap companies are coming from the “bots trading against bots” reacting (over-reacting) to news.
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