Heck of day, Bernie.
Choose your poison: Technical, Fundamental, Macro-Economic — there’s something for everyone in the recent market action:
Macro-Economic: FOMC minutes reveal the Fed is expecting weaker growth, worse employment, with inflation threatening to become more problematic the same day CrudeOil hits $134.
Fundamental: Funny thing about that Oil: Without it, SPX earnings would be the worst in decades.
Technical: Markets have made up about half of their peak to trough losses, from the October highs to the January/March lows. No coincidence either that the 200 Day moving averages were major resistance.
So what say ye? What is driving this market — and what does this 2 day, 430 point drop mean? Is this a blip, ior something more significant?
What Say Ye?