Stock Market this week, LOL!!
https://x.com/Barchart/status/1781050328231608821
The S&P 500 has now gone four days in a row gapping up at the open only to sell off intraday. That is the first streak of its kind since June 2021.
https://x.com/bespokeinvest/status/1781070599063838871
S&P 500 $SPX has now closed red for 5 consecutive trading days, the longest losing streak since October
https://x.com/Barchart/status/1781084085525381183
The S&P 500 $SPY is still less than 5% from its 52-week high, while the average stock in the index is 14.1% below its 52-week high.
Average distance from 52-week highs:
Cons. Staples: -18.1%
Health Care: -17.7%
Comm. Svcs: -17.4%
Cons. Disc: -16.6%
Tech: -14.8%
https://x.com/bespokeinvest/status/1780946282900521007
..does not augur well for equities ahead.
Pension Funds are now withdrawing billions of dollars from the stock market and instead allocating to bonds and private markets. CalPERS, the country's largest public pension fund, is reportedly planning to withdraw $25 billion from stocks soon.
https://x.com/Barchart/status/1781045778808541410
