SPY loves Missiles (Daily close)
In absence of the worst (military response from Russia), US Stocks enjoyed a relief rally on Monday and the S&P500 closed 0.8% higher, erasing its loss for the year. Another “Mission accomplished”? Maybe but we bank shares fell for a second day and Tesla dropped -3%. It may be too early to talk about a pattern after only 29 stocks of the s&p500 reported but stocks falling after companies release results, regardless of how good they are, is not encouraging. Maybe tech stocks and Netflix will be different overnight and those gains will stick. The Confidometer is showing some further healing (including with the generally contrarian Association of American Investors reporting a fairly gloomy and perhaps too low percentage of bullish investors as per last Friday).
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