• The re-re-re-rotation trade continues.  Money is coming out of Financials, Healthcare, Materials, and Industrials.  But most of the cash is moving into traditional safe havens like Utilities, Real Estate and Consumer Staples. 
• Most of the street is looking for reaction to the joint appearance of Janet Yellen and Jerome Powell, which has thus far been a hodgepodge of weird questions with typical grandstanding.  I haven’t learned anything new.

There is some applause for the new, woke, Federal Reserve and Treasury Department for recognizing Blacks, Hispanics, women, and small businesses.  Although, I think these lawmakers do not grasp just how far bother entities are ready to go and what risks come along with their newfound roles.  

The stock market wants to move higher, but it continues to agonize over a variety of issues.  This is a market that was spoon-feed comfort for so long, agonizing brings more agony, when it should just be par for the course.  Moreover, all the macro factors that construct our buying thesis are still in place.

 But we have to respect the overall angst of the market.