The make or break week

Earnings crescendo

Well Jon Bon Jovi’s publicist called after reading our substack last week and reminded me that Livin’ on a Prayer was on the Slippery When Wet Album!  More like Paul Simon’s Slip Sliding Away song?  The $QQQ was down almost 4% last week with the $SPY dropping nearly 3%, mostly all Thursday Friday declines.  Friday, at the close, there was a $6 billion market on close for sale which is unusually large and caused a final leg down to end the week.  The two year Treasury bond dropped with the yield rising about 20 bps to 2.66%.  For the first time in this volatile 2022 trading we saw energy get creamed with the $XOP dropping 7% and $XME (metals and mining) dropping almost 12% despite fairly stellar results from $NUE $FCX and $STLD.  In summary, no place to hide.  But that’s now history, what’s next?   Want Rob’s Educated Guess?