My Comments: Among my weekly reference points is this 1-Minute report that appears from time to time from Erik Conley on a website called Seeking Alpha. You normally need to be a subscriber to see it.

That being said, here’s what I found this morning. If you want more than a quick summary, you may have to go to the source. My thinking is for most of you, a general summary will suffice.

The 1-Minute Market Report is tailored for those who want a quick recap of what’s going on, without the usual fluff and filler. I try to focus on the main drivers of the current market action and offer some brief commentary along the way.

• Volatility and precious metals are the only major indices to gain ground year-to-date. Hardest hit are the tech-heavy NASDAQ and the small-cap Russell 2000.
• Financials are benefitting from higher Treasury bond rates and the soon-to-be-implemented short-term rate increases.
• Technology groups took 4 of the 10 bottom spots, owing largely to their high valuations and the theory that higher rates make their future earnings projections vulnerable to downward revisions.
• The S&P 500 took a 1.9% hit for its first week out of the gate.
• At the end of week 2, it was down 2.2%.
• At the end of week 3, it was down 7.7%.
• As of today, it’s down 8.6%.
• The proximate causes are the hawkish tone of the Fed, surging inflation, omicron, and now a potential shooting war with Russia.
• There are pockets of resistance amongst the broader carnage.
• I expect to see an oversold bounce, followed by lower lows.