“Intuition will tell the thinking mind where to look next.” ~ Jonas Salk
Good evening,
The S&P 500 has closed out its third consecutive down week, and there is no denying that investors had much to worry about this week. Stocks had already come under pressure last week with shrinking expectations for rate cuts from the Fed and a recent CPI print that came in hot. Escalating tensions between Iran and Israel last week also weighed on investors’ minds, and those worries ramped up significantly on Sunday (April 14) when Iran launched an attack of unprecedented scale against Israel, launching 300 drones and missiles – although nearly all were successfully intercepted.
As the week began, the S&P 500 was already below its 20-day moving average (20 dma), and right around its 50 dma. Fundstrat Head of Research Tom Lee described the instinct for investors to de-risk after Iran’s attack as both “knee-jerk” and “reasonable,” and he expressed hopes that equities would ultimately bounce from the dip. He pointed out that as long as the immediate risk of escalation evaporates, markets will eventually get comfortable with the idea of a simmering conflict. “That’s an unpleasant and uncomfortable thing to say,” he acknowledged, “but it is reality. This is...
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