In today’s briefing:
- Downgrading Energy; SPX Final Reach Up to 4300-4325?; Buys in Restaurants, Retailers, Industrials
Downgrading Energy; SPX Final Reach Up to 4300-4325?; Buys in Restaurants, Retailers, Industrials
- Over the past two weeks, we have been steadfast in our belief that this current rally/short squeeze is likely to fizzle in the 4100-4165 area on the S&P 500.
- There has yet to be any meaningful deterioration and we cannot rule out the SPX reaching higher, potentially for 4300-4325 (August 2022 highs).
- We continue to preach caution and believe upside is limited on the market indexes. Any combination of a continued strong labor market or hotter-than-expected inflation could upset the market.
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