First Week of May: What a drama week. FED increased interest rates by 50 basis points.. Markets were expecting the increase.. Powell ruled out 75 basis point increase and market rallied only to shed all gains and then some by close of the week.. Brutal drawdown continues. SP500 is down 13.5 percent for the year and NASDAQ is down 22 percent...
Second week in May: What a brutal start to the week! After the Friday sell off from first week, it significantly accelerated on Monday! Every asset class was down with nothing to spare! The week ended with a bit of a relief-rally.. I took some profits out from equities that served me well to be prepared with dry powder to deploy in the markets should the turmoil continue.. Quite a few high quality businesses seem to be on sale!
3rd week of May: Market turmoil continues.. Retail stocks, including TGT and WMT got whacked in the week, reverberating across the markets and at one point in the day earlier in the week were down as much as 4 %. I took the opportunity to get small exposure to AMZN and NFLX stocks. But for equity vesting.. NW numbers would have looked quite bad! Really hoping for market turn around in the last week of May
Final week of May: My wishes came true.. Markets finally turned around, putting an end to 7 straight weekly decline. Dow rose almost 7 % for the week with S&P500 pulling in gains of almost 7 %. With that NW again crossed 3 M thresdhold!
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