There has been a quiet anxiety keeping the market largely range bound, but with the bias clearly to the downside.  It makes me wonder if we could see another swoon into the close.  Tomorrow, we’ll get to hear from Jay Powell, and everyone will be on pins and needles.

Meanwhile, profit-taking is spreading beyond those high Beta, mega growth names, as some of my favorites, like Deere (DE), are pulling back a lot.  Nothing has changed with the investment proposition or underlying fundamentals. 

I just think investors are losing some of their bravado and cashing in on the grand slams.  There is always that rhetorical statement: you can’t go broke taking profits.  That is true, but you can severely limit gains getting out too soon.  Investors are not worried about the market as much as the Feds ability to control inflation.

The Commodities Super Cycle story is gaining strength.

Alcoa (AA) got a double upgrade at Goldman with a new target of $32, up from $19.  Energy continues to sizzle as well. 

Financials are continuing their magnificent move, finally living up to the hype of the last several years.

There isn’t panic, but caution, as the market continues to try to nudge the Fed.