The markets weren’t exactly reassured by Powell’s testimony yesterday. Bottom line, no one in their right mind buys the idea that we can have such strong GDP and wage growth but still need such accommodative policy. IMO, Powell was curt and sometimes downright evasive, which didn’t help matters.
Stocks plunged to our initial downside target, closing well below the SMA10 (a rarity, lately) with additional downside potential this morning.
AAPL tested its channel top and retreated. As we discussed yesterday, this failure to break out has weighed on the overall market.continued for members…
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