No quit from the dip buyers as S&P 500 storms back

We’re on the rollercoaster now and there’s no telling where it will take us.

The S&P 500 has nearly erased a +60 point decline and is largely unchanged. I think some of this is trying to figure out what’s happening with Ukraine-Russia but the are a multitude of other factors in play:

Tech reassessment (maybe 50x revenue wasn’t such a great place to buy)
China omicron risks (highlighted at WEF today)
Rate hike risk
Inflation risk

5. Earnings season worries

The NFLX drop today is daunting and will make anyone holding tech into Q4 earnings jittery for the next few weeks.

Note that the month-to-date decline in the Nasdaq is on track to be the worst ever January for the index. That’s not going to attract too many dip buyers.

Morever, the bulk of the selling we’ve seen this week has come late in the day so it’s tough to buy a dip now.