MCN - Equity CEF Performances: Updated Through May 27 2022

• Hopes and prayers answered! I said last weekend in the May 20 Equity CEF Performance update that I was expecting a bounce this week and that's exactly what happened.
• After seven down weeks in a row, the S&P 500 was finally up 6.6% last week while the Nasdaq-100 was up 7.1%. It was a broad-based rally that even extended to bonds.
• You can thank the Fed minutes release on Wednesday and a softer Personal Consumption Expenditure inflation report on Thursday, two economic calendar items I said to keep an eye on.
• That's a welcome relief and it seemed like we were back-to-the good old days when the fear-of-missing-out (FOMO) dominated trading.  But will this rally have legs or will it peter-out?
• Even in 2008, we had rallies of as much as 10% from March to April and two 10%-15% rallies from October to December before the bear market finally hit a bottom in March of 2009.

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