We Want This Market Drop

We have been expecting a pullback and this will set up buying opportunities.

PRE-OPEN MARKET COMMENTS FRIDAY – The S&P 500 has run up 12% in a month on relatively light volume. The interest rate hikes to date will take time to filter through the economy and until then, Asset Managers will remain relatively passive. We saw a smack down from the 200-day MA this week and the market has not been able to get back to that level. I have been referencing this in my comments. The Fed is staying hawkish until they see economic weakness or a material decline in inflation. That was clear from the minutes Wednesday. There was some Fed speak, but it was similar to what we saw in the minutes. This pullback is not a surprise, we have been expecting it.

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