Some Like it Hot

Q4 Adv. GDP came in at +2.9%, slightly above +2.6% consensus. But, durable goods orders spiked to +5.6% versus +2.9% consensus and -1.7% prior.

It’s a print that might be expected to embolden FOMC hawks in their deliberations next week. In fact, the market sold off — for all of 5 minutes. ES is now back to overnight highs after yesterday’s spasmodic BTFD ricochet off the 200-day moving average.What gives?

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