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The market has been extended and vulnerable to a sharp pullback for the past couple of weeks, and last night’s surprise attacks overseas provided a reason for the sellers to do some work—this morning, the major indexes and most stocks are taking a hit.

To say it’s been a crazy couple of weeks would be an understatement, with a very sharp six-day, coronavirus-induced selloff two weeks ago, followed by an equally sharp snapback in the major indexes this week, at least before this morning.

We are combining our regular Friday afternoon Members-Only Podcast with any earnings updates. By combining these, you will receive the same research, perspective and analysis as always yet in one easy-to-read email.

Despite a few intraday wobbles, it’s shaping up to be yet another positive week for the major indexes—as of Friday morning, both the S&P and Nasdaq are up in the 2% range (give or take).

The big news of the week involved the wild, hectic action in many highly shorted stocks, which served to crush some hedge funds, which in turn likely caused some forced selling of their liquid winners—damaging many leading stocks. Interestingly, from a major index point of view, the week looks normal, with 1.5% to 2.5%-type losses as of this morning.