Transcript:
Tom Vaughan:
Hello, everybody, welcome to Wednesday, the S&P 500 was down point zero 7%. Today, market was just kind of vacillating around zero up and down up and down and really seems to be waiting for tomorrow, the PCE number is going to be released the personal consumption expenditures, this is an inflation measure that the Federal Reserve prefers to look at. It is for May comes out very late. And so we’ll see what happens in the previous inflation reports that we saw from CPI and others. May was a high inflation month we’ll see what PCE PCE has to say about this. Also, if the number comes out better, you know, then the market expects, we could see a little bit of a rally from here. And when we look at the chart, and we look at kind of the support and resistance, there’s an awful lot of resistance above. And we keep running into that that’s probably why we had that big downturn yesterday, at least partly, there is a little bit of support below, we hit that today, one, so it’s kind of stuck between these, it’s going to take something of good or bad news to move it one way or another. As far as that goes, we still believe that this is a time to be super careful.
The indicators that we’re watching, you know, are making us nervous about further deterioration in the stock market. And so you know, we’ve reduced our exposure. And you know, basically set it up so that we have a little bit more security at this point in time. We could obviously lose some if the market does take off to the upside. But I think here we just want to be careful. And the markets going to have a really hard time taking off to the upside without a pretty massive catalysts of some type like Ukraine, Russia resolving itself overnight or some things, you know, that would be kind of a wild outlook, just because there’s so much, you know, overhead resistance. So I feel safe in being safe right here, just because there’s actually quite a bit of room to run to the downside. If we wanted, we can go all the way back down to the October September lows of 2020. So definitely don’t want to be you know, too exposed to the market. We’ll continue to watch we’ll continue to see what’s going to happen and reduce exposure if we need to, you know, things do deteriorate. So, anyway, that’s what’s happening right now look forward to seeing what’s going to happen tomorrow when they release that PCE report and we’ll see you then thank you