...this rally is getting exhausted. ...looks like Powell's...

...this rally is getting exhausted.

...looks like Powell's minions are doing a better job than Powell himself to jawbone the market lower.

...Gold is $3 higher at $1875, but gold miners follow equities lead, GDX and GDXJ down -0.82% and -0.91% respectively. The past week GDX is down -7.69% and -4.9% over 1 month.

...Crude WTI up +1.11% to $78.5, but what did oil stocks do? Down. XLE -0.88%, Chevron -2.38%, Exxon -0.89%, Occidental -1.10%

...Energy trade uninspiring, lithium stocks also lower- ALB -3.97%, SQM -2.18%, LAC -1.33%, PLL -2.27%.

...Its rotation, I believe money is pulling out of energy space (oil, lithium) and going into beaten down sector like tech. Interestingly if you had watched Chris Vermeleun's video I posted yesterday, he said that energy and gold are the sectors to do well when the market peaks and starts to roll over. But you'd expect market participants to take profits after a generous run-up in those sectors during the bear market.

What happens when a stock has had an extended consolidation period? It is usually followed by a downturn.
You can see WHC has moved sideways since Sept last year. Switch to 5 year view to see what it looks like, does that look like 2010-11 all over?

1 year , 5 year then All time view
WHC Stock Price and Chart — ASX:WHC — TradingView
Stocks Slammed As Rate-Hike Odds Rise, Google Gags

BY Zero Hedge
THURSDAY, FEB 09, 2023 - 08:01 AM

A triple whammy of FedSpeak today (Williams, Kashkari, and Waller) all sung from the same hymn-sheet - 'more work to do', 'higher for longer', 'no rate cuts this year'... and the market is actually starting to get the message.
The market's expectations for The Fed's rate-trajectory continued their post-payrolls hawkish trajectory today with the terminal rate reaching a new cycle high of 5.18% and H2 2023 rate-cut expectations now below 30bps...


That hawkish drift weighed on stocks, most notably big-tech and small-caps...

As the post-FOMC gains are rapidly losing altitude...

"Most Shorted" stocks are down for the 4th straight day after last week's epic squeeze...

Source: Bloomberg
The Nasdaq pain was exaggerated by GOOGL getting clubbed like a baby seal after its chatbot screwed up a response to a question. That's a $110 billion market cap loss...

Notably, VVIX (the expected vol of VIX) soared today as VIX lifted back up to around 20 (as options traders begin to price in event risk around next week's CPI print)...

Source: Bloomberg
Treasury yields were lower across the curve today fairly uniformly (down 2-3bps), but all remain higher post-FOMC with the short-end still underperforming...

Source: Bloomberg
The dollar inched higher on the day after trading in a very narrow range all day...

Source: Bloomberg
Bitcoin reversed yesterday's gains, back below $23,000....

Source: Bloomberg
Gold briefly touched $1900 overnight but couldn't hold it...

Oil prices extended their recent rebound with WTI topping $78 back at one-week highs...


Finally, the market still appears to be pricing in rate-cuts by the end of the year...

Source: Bloomberg