Stocks put in a mixed session today as the stock market took a breather after last week’s deep declines.
Overall, the S&P 500 closed down 0.1% to end the day at 37560 while the NASDAQ was down 0.2% to close at 11053.
The market is in a no-mans land right now as stocks are at low prices with good valuations, yet a recession seems likely and that could lead to another 12% – 20% decline in the stock market averages.
Tweet of the Day
Joe Biden has been blaming inflation on the Russia Ukraine war. But Fed chair Jerome Powell disagrees:
“Inflation was high before, certainly before the war in Ukraine broke out” – Jerome Powell said as he tossed Biden under the bus.
Sound ON pic.twitter.com/R5j3lBbhBb
— Wall Street Silver (@WallStreetSilv) June 22, 2022
Chart of the Day
Our chart of the day is this one-year chart of Cloudflare (NET) which was done on June 15.
Cloudflare built one of the world’s largest networks in 270 cities across 100 countries to store data and stop attacks for its clients, while keeping things flowing swiftly online. The company is like the world’s first global supercomputer. The company is a consistent rapid grower, with revenue growth of 50% or greater the past five years.
Cloudflare was once a great stock, and is now a terrible stock. Here’s how NET can grow 50% a year for years to come: If investors feel the stock is worth 15x revenue (which is what its selling for now) and revenue continues to climb 50% a year, then the stock would follow suit.
