Friday, May 26, 2023 12:48:19 PM
Attached below is a chart of the 20-day moving average for the CBOE put-call ratio. This chart goes back to January 2020 which gives a sense of the ratio pre-pandemic, pandemic bottom and the complete overshoot - nothing could ever go wrong again - peak at the end of 2021. This chart makes a strong suggestion that the market bottom was October of 2022. I will look for a successful retest of support before beginning to re-enter the market.
The administration trotted out their Treasury under secretary to confirm they won't use the 14th Amendment to cure the debt ceiling impasse. The market appears to think that means they almost have a deal with McCarthy and the band of pranksters. I'm not so sure. If they don't before the market opens on Tuesday 5/30 the market may not be so sanguine.
The administration trotted out their Treasury under secretary to confirm they won't use the 14th Amendment to cure the debt ceiling impasse. The market appears to think that means they almost have a deal with McCarthy and the band of pranksters. I'm not so sure. If they don't before the market opens on Tuesday 5/30 the market may not be so sanguine.
The stock market is a device for transferring money from the impatient to the patient. - WB
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