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Weekly Market Commentary

Market Recap week ending 12/28/18

-Darren Leavitt, CFA

Wow, what a week for the markets- if you were out for the holidays you missed a historic week on Wall Street.  Extremely oversold conditions coupled with year-end portfolio rebalancing and the fact that many were out for the holiday produced some crazy market action.  A continuation of the prior week’s sell-off ensued on abbreviated Monday session with the S&P 500 closing down 2.9%.

Concerns regarding the government shutdown, an impromptu call made by Treasury Secretary, Steven Mnuchin, to the CEO’s of the six largest US banks, and rumors that Trump was going to replace Fed Chairman Powell fueled the sell-off.  However, the markets ripped higher on Wednesday gaining 5% across all the major indices.  Oversold conditions, short covering, and some favorable commentary about holiday retail sales from Amazon cranked out one of the best single day moves in history.

On Thursday, the markets spent most of the day in the red losing as much as 2.9%, but in the last 90 minutes of trade, the markets had a massive reversal closing up 0.9%.  Interestingly there was no apparent catalyst for the move.  Friday’s session also produced whipsaw action for investors and ended off 0.10%.  For the week the S&P 500 gained 2.86%, the Dow added 2.75%, the NASDAQ increased 3.97%, and the Russell 2000 increased by 3.55%.  Despite the higher move in equities, safe-haven Treasuries were resilient.  The 2-year note yield closed at 2.52%, and the Ten-year closed at 2.74%.  There were no changes to our models last week.

The information in this Market Commentary is for general informational and educational purposes only. Unless otherwise stated, all information and opinion contained in these materials were produced by Foundations Investment Advisers, LLC (“FIA”) and other publicly available sources believed to be accurate and reliable.  No representations are made by FIA or its affiliates as to the informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, FIA and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of FIA or its affiliates.  Information presented is believed to be current, but may change at any time and without notice.  It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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