When I was a child there was a show called Marcus Welby, M.D. where this doctor still made house calls.  He has the best bedside manner.  I couldn’t help but think about him today, as Jerome Powell threaded the needle of fear that the Fed might wait too long to remove accommodation or do it some ham-fisted way as to create pain for investors.

His folksy manner worked. Moreover, his comments offset all the hawkish chatter from everyone else at the Fed, successfully getting investors ready for tapering to commence at some point this year. And maybe, the babies on Wall Street won’t have their usual temper tantrum. 

Meanwhile, bond yields are like that kid walking out of the doctor’s office enjoying a loopy pop saying that didn’t hurt at all.

The so-called value trade is acting great, which is fine with me, since, we have laggards in Energy and Materials.

There is such little original thinking on the street that all it will take is one popular figure to say something negative about the Powell speech to bring doubt back, so stick to the plan.

We have been fully invested when many were bailing and its paying off.  

Have a great weekend and stay safe.