Market Review: Fluctuation
Fluctuation:an irregular shifting back and forth or up and down in the level, strength, or value of something (Merriam-Webster)
The story goes that when approached by a young person and asked, with an undertone of desperation, about the future direction of stock prices, legendary American financier John Pierpont Morgan is alleged to have replied: ‘young man, I believe the market is going to fluctuate’. It’s fair to say Mr. Morgan’s riposte neatly summarises the gyrations witnessed across financial markets so far in 2022.
Investors hoping for a dose of early summer cheer were dealt another sharp blow as asset prices across the risk spectrum plunged lower during the quarter. The old financial market adage, ‘’sell in May, and go away’’, popularised in the Stock Trader’s Almanac with reference to historically weaker performance from equity markets during the six-month period from May to October, is proving itself a reliable axiom once again.
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