Although, the buy on dips crew is keeping their distance (plus the ranks aren't what they used to be). The market is holding up okay. It could still sell off more into the close.
Tomorrow is the first moment of truth for 2023. Support is clear and failing to hold could mean a quick test of the October lows.
Its nuts that the real forward-looking data is being ignored. It speaks to disinflation not inflation. It speaks to recession. And it speaks to fault lines that we don't want to be disturbed.
It’s in the hands of the Fed, which is data dependent...old data and questionable data hold our near-term fate.
|If it walks like a duck and quacks like a duck, it's a duck!! So, rates are going to continue to up and the recession is just around the corner.
Keith Pallo on 1/5/2023 6:20:00 PM
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