6% Market Rally - Markets Over-bought

(3/21/22) Markets rallied an astounding 6% last week, coming off an over-sold, very negative sentiment scenario--which was the perfect set-up for a counter-trend rally. Our advice was to use such a rally to rebalance risk. Did you? The Fed's 25-basis points rate hike, and Friday's quadruple witching deadline, which spurred activity, gave markets the lift necessary to rise into the 200-DMA, which will be challenging resistance this morning. Even if the S&P achieves the 4,600 summit, it doesn't change the dynamics of the corrective process we've been in since October. Markets this morning are over-bought, creating some short-term risk. Today, honor your stop levels, and use any rally to remove more risky investments from your portfolio. Be careful of commodity trades, however--they're very over-bought. Watch for opportunities in companies that tend to have stable earnings growth regardless of the economic environment.
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