Market Update – 05/12/21

The markets had a lot to contend with today. Inflation in April accelerated at its fastest pace in more than 12 years as the US economic recovery kicked into gear and energy prices jumped higher, the Labor Department reported Wednesday.

The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year earlier. A Dow Jones survey had expected a 3.6% increase. The month-to-month gain was 0.8%, against the expected 0.2%.

Also on the minds of investors is the troublesome situation with the Colonial Pipeline, where a ransomware attack forced one of the US’s largest oil transporters to shut down, exposing vulnerabilities in America’s infrastructure and sparking gas panic buying across the southeast. The result of the shutdown is 70% of gas stations in North Carolina are out of gas.

Then there is the worst escalation of armed conflict between Israel and Palestine.

The combination of all these issues sent Wall Street running for the exits, with the S&P 500 seeing its biggest one-day drop since February. The S&P 500 was down 89.06 points, or 2.14%.

The Nasdaq was hit harder, down 357.75 points, or 2.67%.

The hardest hit US market was the Russell 2000, down 3.25%.

The Canadian TSX index  on the other hand was only down .45%.

Gold also sold off today, down 13.30 or .72%.

While we do not believe at this time that this is the top for this 12-year bull market,  it could be a turning point, where we see a significant pull back or correction. Understand that this massive bull market WILL end, they all do. Be sure you have a plan in place to protect your wealth in the event of a serious market correction. If you need assistance, our Trend Technical Trader service was originally designed as a hedging service, to actually make money on market declines.

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