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"These kinds of bottoms tend to be revisited, as the [S&P 500 has] now fallen 10% from its high, and those who bought at the lows will scalp their gains," noted CNBC's Mad Money host Jim Cramer. "The bottom line: If you bought into Monday's weakness as I've been telling you to do... if you bought into what sure looked like a crescendo of selling, then I think you'll end up being happy with your decision."
The bears: "The game has changed," said Michael Lewis, Barclays's head of U.S. stock trading. "It's going to be a tough year. It's going to be a tough year for people to make money. From 2009 to 2021, you've been paid to buy the dip. I don't think you buy the dip anymore."
"This type of action is just not comforting. I don't think anybody is going home feeling like they've got this thing nailed even if they bought the lows," commented Mike Wilson, chief U.S. equity strategist at Morgan Stanley. "We think the slowing growth narrative is the one that is going to be more important. It's not a recession or anything like that... but the S&P 500 [is vulnerable to another 10% plunge] below 4,000 in the next three to four weeks. At the level, we'd start to get constructive given our base case of the index of 4,400 by year-end."
"The data hasn't been soft enough for the Fed to stop the tightening process. Some companies may also take the opportunity during earnings season to lower the bar a bit because it's a tough operating environment. We're not making a big bet on cyclicals here like we were a year ago because growth is decelerating. People got a little too excited on these cyclical parts of the market, and we think that's wrong-footed."
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The bears: "The game has changed," said Michael Lewis, Barclays's head of U.S. stock trading. "It's going to be a tough year. It's going to be a tough year for people to make money. From 2009 to 2021, you've been paid to buy the dip. I don't think you buy the dip anymore."
"This type of action is just not comforting. I don't think anybody is going home feeling like they've got this thing nailed even if they bought the lows," commented Mike Wilson, chief U.S. equity strategist at Morgan Stanley. "We think the slowing growth narrative is the one that is going to be more important. It's not a recession or anything like that... but the S&P 500 [is vulnerable to another 10% plunge] below 4,000 in the next three to four weeks. At the level, we'd start to get constructive given our base case of the index of 4,400 by year-end."
"The data hasn't been soft enough for the Fed to stop the tightening process. Some companies may also take the opportunity during earnings season to lower the bar a bit because it's a tough operating environment. We're not making a big bet on cyclicals here like we were a year ago because growth is decelerating. People got a little too excited on these cyclical parts of the market, and we think that's wrong-footed."
Today's Markets
In Asia, Japan -1.7%. Hong Kong -1.7%. China -2.6%. India +0.6%.
In Europe, at midday, London +0.9%. Paris +1%. Frankfurt +1.7%.
Futures at 6:20, Dow -0.8%. S&P -1.3%. Nasdaq -1.9%. Crude +0.7% at $83.91. Gold -0.2% at $1837.40. Bitcoin +7.9% to $36314.
Ten-year Treasury Yield +5 bps to 1.79%
In Europe, at midday, London +0.9%. Paris +1%. Frankfurt +1.7%.
Futures at 6:20, Dow -0.8%. S&P -1.3%. Nasdaq -1.9%. Crude +0.7% at $83.91. Gold -0.2% at $1837.40. Bitcoin +7.9% to $36314.
Ten-year Treasury Yield +5 bps to 1.79%
Today's Economic Calendar
What else is happening...
Will Microsoft's (NASDAQ:MSFT) Q2 earnings support analysts' upbeat view?
Google (GOOGL) faces suit over tracking, pushback over cookies.
Meta Platforms (FB) details new reporting structure ahead of earnings.
Saying goodbye to the combustion engine, Lamborghini goes full electric.
Boeing (BA) adds $450M to electric air taxi JV with Larry Page.
M&A intrigue! Kohl's (NYSE:KSS) soars 36% on takeover bids.
IBM (NYSE:IBM) goes into the clouds as Q4 sales climb 6%.
COVID talk... New York judge blocks statewide mask mandate.
Aerial surveys detect 30 methane 'super-emitters' in Permian Basin.
Deal? Change Healthcare (CHNG) weighs UnitedHealth (UNH) asset sales.
Google (GOOGL) faces suit over tracking, pushback over cookies.
Meta Platforms (FB) details new reporting structure ahead of earnings.
Saying goodbye to the combustion engine, Lamborghini goes full electric.
Boeing (BA) adds $450M to electric air taxi JV with Larry Page.
M&A intrigue! Kohl's (NYSE:KSS) soars 36% on takeover bids.
IBM (NYSE:IBM) goes into the clouds as Q4 sales climb 6%.
COVID talk... New York judge blocks statewide mask mandate.
Aerial surveys detect 30 methane 'super-emitters' in Permian Basin.
Deal? Change Healthcare (CHNG) weighs UnitedHealth (UNH) asset sales.


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