Light Trading Ahead of Easter

(4/11/22) This will likely be a much-lighter trading week, ahead of the Good Friday holiday and Easter. Markets have been in an orderly decline following the recent rally; markets are holding support right at the 50-DMA. If that level can be sustained, markets will be primed to rally again. However, sell-signals have been triggered from a fairly high level, so more correctional action is also possibility. Markets are continuing in a month-long consolidation process. As we enter the next earnings season, companies' outlooks will be key in understanding the impact of inflation and higher costs on their bottom line. Oil prices remain extended by three standard deviations, and we've suggested reducing exposure to energy stocks. Oil is about to retest the $81/bbl level, and factors indicate the possibility of lower oil prices in coming months. Gold, however, is on a buy signal--good news for gold bugs. A breakout could push gold prices to the $2,022 level.

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