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**October 21, 2022 **- Many think when they’re trading the stock market, that they are trading stocks. But this week it was more correct that they were trading Bonds (interest rates), Currencies (Pound & Yen) and Option Hedging (continuing). These three have a significant effect on what the markets did this week. We’re right in the middle of earnings season and outside of Energy stocks, things are looking like a slow down or barely OK at best.
It sure feels like nearly everyone is waiting for the other shoe to drop and they’re not willing to take any significant positions. News from the UK disrupted both rates and currencies and the Bank of Japan was trying to prop up the falling Yen by selling US Dollars; it didn’t work. So it continues to look like the market is trying to stabilize and build a base . . . if the news would just cooperate.
So not much new to discuss this week. I’m heavy in Cash with a single minor position in Oil Services. I’m expecting a bounce up next week, but maybe only for a week or so. I doubt if the market is done with us yet. Have a good week. ………. Tom ………. Price chart by MetaStock; table by www.HighGrowthStock.com. Used with permission.
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