Fueled by hopes that the inflation has peaked, bad Housing Starts and Buildings permits numbers, and good earnings from Goldman Sachs and Tesla, the bear market continued to rally with the S&P 500 ($SPX) gaining about 10.3% to 4,012 points and Nasdaq 100 ($NDX) gaining 14.61%
Summary * Last week, U.S. June Inflation soared to 9.1%, a New 41-Year High. As a result, the US10Y-US2Y spread turned negative for the third time this year and went as low as -0.22, the lowest since 2000 which is a sign of recession. * Banks reported mixed earnings.
Last week we had one of the greatest weeks since the beginning of the year with 4 green days in a row. Nasdaq ($NDX) had 5 green days in a row, the most since the beginning of the year. A relief rally was likely As I suggested in my posts
Last week, we had a very volatile week as we finished red with $SPX closed at 3825 (-2.21%), $NDX (Nasdaq 100) closed at 11585.68 (-4.30%) and $IXIC (Nasdaq Composite) closed at 11127.85 (-4.13%). We can point out that due to several reasons. First, it was