...I think the market is starting to sense something amiss- banks, commodities, travel stocks down ....only tech is keeping the market alive providing a mistaken belief that equities are holding strong, making new highs.
...I think a lot of people lost money this week. Those that want to hear none of the 'bad' news and waiting longer before taking cover.
...US consumer sentiment on show tonight in 2 hours. And Dow is so far down -270pts.
...with the resource crash already in motion, it won't matter that the indices continue to make new highs....but it will matter more when they too start to correct in a big way.
----------
This is where Powell finally decided to push back against rate cuts… With the Unemployment Rate six tenths above the cycle low. In the last four cycles (leaving out Covid), when the UR was up six tenths, momentum began to take over and it rose rapidly from there.
