Huge Reversal Today

I was out of the office for much of the day, but this was a very unusual trading day on Wall Street. At 12:25 pm, the S&P 500 was down 3.99% for the day, yet the index rallied and managed to close higher by 0.28%. The Nasdaq closed up 0.63% after being down by 4.90%. At its low, the Nasdaq was down 19.16% from its all-time intra-day high.

Once again, we saw a big gap between the volatile stocks and the stable ones. At its low, the S&P 500 High Beta index was down 5.09%. It closed higher by 1.08%. The S&P 500 Low Vol index closed down by 0.17%. Bitcoin fell below $34,000.

Posted by on January 24th, 2022 at 6:20 pm


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