Transcript:
Tom Vaughan:
Hello, everybody, welcome to Wednesday, the S&P 500 was up almost 1%. Today, really important day in my opinion, just because we hit that low back and Friday morning, we rally back to a positive on Friday afternoon. Monday was a big up day yesterday, we opened up lower but then rallied for the rest of the day almost got back to positive. And today we kind of continued that rally for the morning. And then the market settled in because it was waiting for the Federal Reserve minutes from the previous meeting to come out. The minutes didn’t say anything new market responded fairly positive to that still expecting to rate increases of a half a percent. And lending bonds are very specific values disappear off of their balance sheet, which they’ve already talked about in the last meeting. So that was good.
We did have some earnings reports after hours, that might make the market a little shaky. Tomorrow, we’ll see how this happens. But for example, Nvidia did fantastic they beat their revenue estimates for the quarter, they beat their earnings estimates for the quarter. But their forward guidance was less than what was expected not by a lot, but by little specifically talking about the same things everybody’s been talking about with inflation, the China COVID locked down situation and lost revenue of four because they can’t operate inside of Russia. So I think what we’re seeing there is kind of those macro issues starting to come through and some of these earnings reports whether it’s happening on the current quarter, like it did for Snapchat yesterday, or it’s happening maybe in the guidance for the next quarter, like what we saw with Nvidia today. So that could bring down the market a little bit tomorrow.
But hopefully, there’s enough buying strength to come in at least keep it somewhere, you know, in the good area as far as that goes. And then maybe we’ll have a follow through, you know, coming through on Friday or what have you. So one of the other things that happened today is there was a great article done on insider buying, specifically targeting executives. And so executives of companies theoretically know more about what’s going on. And we’re seeing a big spike in insider buying that’s happening, specifically in the S&P 500 type companies. So these are people that are running these companies that realize what they might be able to do going forward, they can see things, you know, that all of us can’t see. And they’re actually buying. There’s lots of reasons that company executive sell stocks, but only one reason that they buy stocks, theoretically, and that is that, you know, they’re hoping it goes up and they make more money. So generally speaking, that’s a really good sign for a bottoming portion of a market. So we’ll see what happens.
So what we’re trying to do right now is say that Friday was the last downturn. I don’t know if that’s going to happen. But we’re building kind of Brick by Brick a foundation of at least about, you know, I don’t know if it’ll be a reversal. We’ll have to wait and see. But we really need to continue to see some follow through, which is exactly what we’ve gotten so far this week. So I think that’s pretty exciting. So very interesting. See what happens tomorrow, like see at least hold up some and then maybe come back up some more on Friday. We’ll see what happens there. But look forward to talking to you then. Thank you.