The whole market hit low by 11:30 on Friday, then spent the rest of the afternoon trying to climb back onto the mattress at 3900. We'll see what next week brings.sweetandsour wrote: ↑17 Sep 2022, 09:13 I gambled on the 3900 SPX floor Thursday afternoon and bought SPY at 390, counting on a bounce. It's at 385.5 now, but I'm still watching for a bounce, then I'll sell it and buy it back when it drops to 370, or maybe even 360.
I also bought 20 more shares of XLE at 80, and it promptly dipped down to 78.5. If crude goes back above 100, or if Biden keeps his word and starts buying to refill the SPR, then I expect XLE to creep back up, perhaps to the 90s. Lots going on right now though, so we'll see.
Fed announces new rates on Wednesday, and all eyes are on their guidance for future rate hikes. Everyone expects tightening to continue, so that is getting priced in. If the Fed gives any hints that rate increases will not be as strict as expected, the market could react with excitement.