The market was closed yesterday for Juneteenth. 

But the market was open on Wednesday, although it was hard to tell at the close. Interestingly, the market usually sells off on ‘Powell Fed Days.’  I’m shocked it didn’t sell off even more.

Energy (XLE) tumbled, but there were no major disasters.

Once again, the top advancers list was eclectic. Coinbase Global Inc (COIN) topped the list, as the crypto stablecoin story erupted after the Circle (CRCL) IPO.

I like that there was widespread buying during the session.

It’s a major options day, and the volume will be thin, so today’s action could be exaggerated.

I’m worried Fed Jay Powell has become too political, from data-dependent to guessing about inflation. He is putting everyone in jeopardy.

Today’s Session

This morning, Fed Governor Chris Waller commented on CNBC:

"The tariffs will not cause persistent inflation." Some might say he's jockeying for the Fed Chair job, but the fact of the matter is that Jay Powell used to believe this. 

The upward bias of stocks underscores that the market is in line with Waller, especially after three months of slowing inflation.