Too strong? Perhaps too accurate? I was just trying to stick with the Mystery Machine theme because our world now is one large cartoon episode.
The reaction on the used car sales network was predictable with tweets like this one:
Biggest intraday comeback— Carl Quintanilla (@carlquintanilla) January 24, 2022
* for Dow since 3/19/2020
* for S&P 500: since 11/13/2008
* for Nasdaq: since 10/10/2008@CNBC pic.twitter.com/9w5dVRWOdb
Um, uh, Carl, here’s your chart of the Dow from March 18, 2008 to December 31, 2008:
Hmmm, not exactly the ending I think he was trying to promote.
Meanwhile, Senile Joe was actually out promoting his economy on Twitter yesterday (I’m joking, I know it was one of his interns) after the pasting the market took last week:
It’s pretty easy to find uh, millions of people who disagree. Like the mothers in this video:
A baby formula shortage is leaving Americans "worried" — yet another effect of Biden's supply chain crisis.— RNC Research (@RNCResearch) January 24, 2022
"How am I supposed to feed my child if he doesn’t have what he needs?" pic.twitter.com/CW0FUcgqo0
Enough of that, on to the insanity in our markets today providing many of us non-LSD induced flashbacks to 2007 and 2008 wondering what is happening behind the curtains.
Today’s market had a massive 1200 Dow point turnaround which many are now hailing as the end of the “bear” phase and it’s time to buy, buy, buy, and BTFD!
They tried that in 2008 also, by the way. Check out this wicked candle on the chart of today’s action:
The key support levels were held, 4430 is now resistance at the 200 day moving average, and the markets should easily slice up through that level based on the upcoming earnings “narrative” but any more major economic surprises, especially from the Fed, could kill this dead cat bounce in a heartbeat.
Oh, and look who is meeting this week on Wednesday, the Jay Powell Hedge Fund and Investing fund.
If markets rally to 4500 folks it means the Fed Chair is buying. Stay tuned as this is going to be one hell of a week.