Transcript:
Tom Vaughan:
Hello, everybody, welcome to Tuesday, the S&P 500 was down 1.1%. Today, just kind of continuing the fall that started last Friday. From a technical standpoint, you know, we had some really important things happen over the last few weeks, we got really close to breaking through the 200 day moving average on the S&P 500. It did not happen, we fell back down into this range that we were in for about 16 trading days in June and July, and then broke down through the bottom of that range yesterday, actually on Friday. And so kind of held up yesterday, today, we continued back down. And if you look at what’s going on in terms of support and resistance, today, we got down to the next level of support. It’s not super big support. But maybe we’ll hold there, we’ll have to wait and see. And so that’s one of the things that’s happening, there’s just there’s not a lot of news as driving things. Although today, we did see that the number of open jobs report came out for July and actually went up. And it’s been coming down since March, which is what the Federal Reserve is trying to do.
They’d like to have less open jobs, because there’s so many open jobs that kind of creates wage inflation. But it actually jumped up in July, which was a little bit surprising. Normally, that’s a good thing. We’re looking for lots of jobs. But in an inflationary environment, that’s actually considered a bad thing. And the market kind of, you know, responded to that. But I don’t think that’s the really big issue here. It’s just from a pure technical standpoint, there’s not a lot of support. And there’s not a lot of places for the market to go except for maybe sideways or down. So we’re gonna have to see what happens. We did have a sell trigger today at one of our pieces or portfolio which moved into T bills. We’ll continue to do that here. As we get those just to be safe. We’re just trying to kind of protect the principle here. You know, because we don’t have a lot of support underneath where we are right now. Again, that doesn’t mean we’re going to go down farther. You never know what the market is going to do or what the market has in store for us. So you’d bet you do want to respond in kind to those things that it does tell us so that’s what’s happening today. I look forward to see what’s going to happen tomorrow. We’ll continue to kind of make moves if we need to, to make sure we try to protect things as much as possible. I look forward to talking to you then. Thank you