Next Steps

With yesterday’s VIX algo-driven eruption in the rear view and this morning’s disappointing jobs report in hand, all attention now turns to the Fed.  Will they or won’t they cut rates?  And, if they do, will it top 25 bps?

Consensus still seems to be for a 25 bps cut.  But, Powell will be pressed later today for his thoughts on the matter.  So, get ready for some volatility – especially if he disappoints the market.  At least that’s what our analog says to expect.

SPX reached our secondary target yesterday and, so far, the futures seem content with this morning’s highs.

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