Robots need naps too. After zipping up the last few days and lifting the major averages to be plus for the month exhaustion caught up with the buyers. With the markets higher again early on, the buyers stepped aside this afternoon and decided to take a nap. The tape sank and all three of the major averages (Dow, S&P 500, Nasdaq Composite) closed off on the day. Exhaustion does take its toll and even robots (AI) need a nap now and then. The napping spilled over into the oil market as well with crude finishing just six cents higher ($49.62) after spurting earlier on big stockpile declines and even bonds ticked a wee bit higher with 10 yr Treasury at 2.31%. Seems EVERYONE needs a nap.
So, just two days left in the month of April and the AI (artificial intelligence) gang with their robot minions managed to pull the averages out of the depths and into plus territory………..or have they? Two days left. And then………shudder…….MAY. I have seen many comments lately saying “sell in May and go away” is so last whenever. Its different now. OK. I get it. Sad for them. Sell now into this rally and check with them in a couple months.
Fintech? Yeah, the fintech sector via the KFTX fintech index napped also BUT it did finish with a slight gain. The KFTX closed at 1158.52, up 1.11 point (+0.10%). After being super positive the last few days the advance/decline weakened to show 24 issues up, 24 down 2 unchanged. Maybe naps are contagious
Sleep tight, sell early and get ready for May.