Transcript:
Tom Vaughan:
Everybody, welcome to Wednesday, the S&P 500 was down 1.23%. Today, it’s pretty much to be expected. In my opinion. If we go back to the Monday of last week, when we kind of hit a low to what happened yesterday, we were 8% Run, that’s a huge run in a very short period of time. And so oftentimes just sort of, like I talked about before, we’re got a rubber band, the more you stretch it, the more resistance you get, and eventually it kind of snaps back down. That’s the most likely, you know, scenario for what really transpired today, there was some news that came out, talking about the price of oil going to $120 a barrel, based on information that Russia might be closing down one of their Kazakhstan pipelines, due to some weather damage. Articles that came out after that talking about how maybe Russia is trying to use oil, kind of a weaponized oil, bring up the price of the oil that’s creating problems for some of the Western countries. So we’ll have to see how that plays out. Obviously, we also saw some of the commodities really go up today, specifically steel, because the largest steel producing city in China, locked down to the COVID. I think the COVID thing is really interesting. In China, we did see Foxconn reopen for apples production. Apple was up quite a bit today, actually, even even in a down day, which was interesting to see. If you look at what happened in Hong Kong, they locked down, it really wasn’t working.
This new version of Omicron is BA2 super contagious. I don’t know that locking down sheltering in place can really stop it. In Hong Kong eased up on their lockdown policies. We’re seeing the same thing happen in China, they’re trying to lock down things that’s you know, they’re still spreading due to the contagious nature of it. So that’s why Foxconn re got reopened, for example. So I think that’s going to work its way out fairly quickly here, China will have to probably find some other way of dealing with the virus other than these big broad lock downs worked in the previous versions of the virus, it’s probably not going to work with this one. So I’m not sure that’s a huge issue. Other than short term disruptions, like what we’re seeing right now. So we’ll see how that plays out too. So altogether, I think today was pretty expected. As far as that go just because of the big run up, I wouldn’t be surprised to see some more weakness here. Again, it’s a huge run in a very short period of time. And but I would like to see it hold up on some of the support levels. So we’ll be watching for that. And really interesting to see what’s gonna happen tomorrow. So look forward to talking to you then. Thank you very much.