Transcript:
Tom Vaughan:
Hello, everybody, welcome to Monday, the S&P 500 was up point 3%. Although it was up more this morning, seems like the market is still trying to digest the jobs report that came out on Friday to one group that saying, you know, it was a lot higher than expected. That might mean the Federal Reserve is going to have to raise rates more than expected, the 10 year treasury note, the yield came up today, probably anticipation of some higher interest rate increases from the Fed, another group looks at it and says, hey, it was higher last month, it’s coming down, but it’s not coming down so much that it looks like we’re going to get into recession. And so you know, there’ll be this battle that’s going on. And if you really look at what’s going on right now, in terms of pricing, the last six days in a row, we’ve essentially gone sideways, lots of motion day by day. But we had that huge run up that happened, you know, throughout that week, a couple of weeks ago. And now we’re just building a base. And so I think that’s a good sign.
As far as I’m concerned, we didn’t just retrace right back down to the lows again and continue down, it seems like the market is fighting to get back up, we’re going to run into a lot of resistance as it comes back up as people sell off pieces when they get back to their, you know, original cost of purchase. So we’ll have to wait and see what’s going on here. We’re going to break through that and start to move up again, or fall back down. And so we’ll see how that plays out. But altogether, we’ve seen some good things happening in terms of China, the easing of restrictions, their productivity seems to be picking up, you know, job openings dropped a little bit that we saw last week. So there’s some pieces that are very positive right now. But the markets probably going to be waiting for Friday for this week, mainly because the CPI, the consumer price index is going to be announced on Friday. You know, it was 8.5 and March, and it was 8.3% in April. And so what was it in May? And so that, you know, very big piece of what the markets looking at right now I really inflation is kind of king in this particular environment. So we’ll see how that plays out. So, look forward to talking to you tomorrow. Thank you very much.