What a difference a week makes. Last week, the stock market changed its tune from up, up, up,… to up, down, up, down. That made it feel like investors were uncertain, yet the CBOE Volatility Index ($VIX) wasn’t high enough to confirm the fear. This week, the market’s singing another tune emphasizing the word “down.” This week, the selling pressure was more dominant, especially in the Tech sector. Does this mean the bear is coming out of hibernation? The Macro Environment We heard comments from two Federal Reserve Presidents, John Williams and Austan Goolsbee, who left open the possibility of a rate hike. Fed Chair Jerome Powell suggested interest rates could remain higher for longer. Next week, we’ll get the March PCE data, and, in light of the Fed comments, it could be higher than estimates. We’ll also get the Q1 GDP, which will probably reveal the continued strength of…
