This morning the flash US PMI Composite for June swooned but at the same time inflationary pressures eased.
Powell Bobs & Weaves
When the news hit, stocks moved down especially on the NASDAQ as yield popped for a moment. This is the kind of news investors need to see. It’s the kind of news that put a little swagger on Jay Powell’s step today as he swatted down numerous attempts to get him to mischaracterize the economy and the role of blatant profiteering.
I had his testimony on most of the morning as I worked and I’m not sure what he might have said to get most major equity indices to give up their rally attempts.
I just think the market is in this waiting game.
The session has been marked by cautious tone with traditional safe havens utilities, health care, staples, and real estate all higher.
This would be a great session for the bulls to make their move. Lots of shorts are looking for reasons to cash in and would gladly join into a big, short squeeze.
|6/6/2023 1:23 PM||Resolve and Opportunity|
|6/6/2023 7:28 AM||RUNNING OUT OF STEAM|
|6/5/2023 1:33 PM||So Far So Good|
|6/5/2023 9:57 AM||WHAT A TRIP|
|6/2/2023 1:37 PM||Jobs Rally|
|6/2/2023 9:56 AM||JOBS REPORT ON DECK|
|6/1/2023 1:48 PM||Fascinating Resolve|
|6/1/2023 9:32 AM||A Punt Not a Pause?|
|5/31/2023 1:31 PM||Rolling Over|
|5/31/2023 9:44 AM||PAUSE TO ASSESS|
|5/30/2023 1:50 PM||Nvidia Jumps|
|5/30/2023 9:50 AM||FREE PASS FOR $5.0 TRILLION MORE IN DEFICIT SPENDING|
|5/26/2023 1:23 PM||Happy 127th Birthday Dow Jones Industrial Average|
|5/26/2023 9:48 AM||Generals Only|
|5/25/2023 1:37 PM||Intel Sinks as Nvidia Pops|
|5/25/2023 9:55 AM||SURPASSING THE HYPE|
|5/24/2023 1:28 PM||A Little Cynical|
|5/24/2023 9:38 AM||PRESSURE BUSTS PIPES|
|5/23/2023 2:03 PM||Uncertainty Continues|
|5/23/2023 9:33 AM||NEW HIGHS ON THE RISE|
|5/22/2023 1:44 PM||Somewhat More Positive Day|
|5/22/2023 9:48 AM||THE X FACTOR IS EVERYTHING|
|5/19/2023 1:49 PM||Debt Ceiling Hiccup|
|5/19/2023 9:47 AM||THIS IS IT?|
|5/18/2023 1:54 PM||Market Mixed|
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