Transcript:
Tom Vaughan:
Hello, everybody, welcome to Monday, the S&P 500 was up just a little bit more than a quarter of a percent today. And it was really interesting at the beginning of the day, it was down quite heavily actually and waiting for some downturn to happen. And I thought, well, maybe this is it. And then it really turned around and ended up, you know up quite a bit.
Let me share my chart, and I can kind of show you what’s going on here. Alright, so this is, you know, what happened today as a whole, you can kind of see, you know, this is the last five days, every one of these little bars is a 10 minute increment. And this shows the average of the last 210 day, 10 minute increments. But you can see what happened today, we had this really big downturn kind of look like we might, you know, sell off for a while here, we did hit some support here, you can kind of see this, you know, we had this low down here, we had it here also. And then here also. So, you know, we have some buying support at that price level, but really bounced up high, we got really the look at the last 10 minutes there, that’s a huge jump.
And this is the all time high that it’s ever hit 4480 so far, for the S&P 500. And again, if we look at, you know, a little bit of a longer term scenario here, like the last one year, where’s that? Here it is. And so here’s an every bar now is the day. And again, this is the 200 day moving average, very strongly up. It’s a very smooth line, actually. And we haven’t had any even small downturns in a little while here. And we haven’t had even remotely bigger downturn since October. So I’m still waiting for something to happen, possibly, as far as that goes. But all together, actually a really good day, you know, some good price action all together.
I’m looking forward to kind of seeing how this plays out. You know, there’s lots of news: China had some bad economic numbers, the situation in Afghanistan, the Delta variant, there’s lots of potential things. That was interesting in the news today. And then the morning was attaching all of these bad things that it just mentioned, to the downturn. And you know, and all of a sudden, it gets to a record high and that news disappears. So I really don’t think a lot of those things are that important to the market right now.
I think what we’re really looking at here is just a scenario where interest rates are low, and money is going to keep coming in. There’s lots of money on the sidelines, both professional investors and consumers. And so that’s going to drive things in my opinion, and that continues to happen. I do think pullback is likely here at some point in time, just because it’s been a while. And I thought maybe today was the beginning of that. But really unbelievable buy in that came in at that support level to really turn things around. So it continues to go upward and I am looking forward to seeing what’s going to happen tomorrow. Thank you very much.