The prior week’s rally did not hold up, as economic data throughout the week returned investors to a pessimistic mood. Notably, retail sales and industrial production figures were weak. And in another case of “good news is bad news”, employment numbers remained strong (good), suggesting the Fed thinks corporations can withstand more rate increases (bad) in the fight to tame inflation.
The week did end with a Friday rally, however, as Netflix reported surprisingly good earnings that rekindled investor interest in all tech stocks.
Our stocks, like most of the broad market, ended the week little changed or slightly lower. Because the declines were slight, analytics found very few trades signaled.
With Friday’s rally, analytics actually suggest a recovery for many stocks next week – barring any negative earnings surprises or unexpected events.
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