Transcript
Hello, everybody, welcome to Friday, the S&P 500 was up today, we were up 1.3%. And not a full recovery, obviously, of the losses that happened yesterday. But a good sign, we actually opened up quite high, went to negative and then bounced back up, which is another good sign. Also, there’s some buying, that’s happening. All of this is happening around the 200-day moving average. And again, that’s an important indicator for a lot of different people out there.
So I think they see that as a buying opportunity when it comes down to the 200-day moving average. And you know, you’ll often see the market drop off of that, it did hit it pretty hard yesterday, hit it again, this today. And so I suspect that it might actually get through the 200-day moving average and get down into the top of that range. And then that might allow us to then start to, you know, regain again, I actually find these types of downturns to be fairly healthy, you know, the market made 44% and a two and a half month period, in this bounce. And you have to have some type of pullback. And I’ve mentioned this before, it’s very important, where you end up with sort of a feeding frenzy where it gets cheap enough. And people say, Well, I missed out on the last time that it made a big move. And I’m going to buy it this time because I want to get get back into the market. And so I think things are still okay, you know, we’ll have to wait and see there’s concerns about the virus coming back.
There’s some concerns, obviously, about the economy. And those are legitimate. But there’s an awful lot of cash flow that has come in from the sides. And there’s trillions and trillions of dollars sitting in money markets that could come back into the stock market and give us an additional boost might come down a little bit further before that happens. We’ll find out you know, early next week. But that’s where we’re at at the moment. Want to thank everybody very much for listening and I look forward to talking to you again on Monday. Thank you.