Talk about perfect timing, there was enough damage in the market yesterday to talk about fear, ghosts, and goblins, but the truth is, I wasn’t afraid. I don’t think the stock market spooked most investors, but I must admit to feeling tremendous frustration with Federal Reserve Chair Jerome Powell.

The worst-performing sector was Consumer Discretionary (XLY), led by autos, but Powell thinks things are fine.

Red Bricks

The irony of yesterday’s session is that breadth was better than on other days this week, as you can see there was much more green at the closing bell.

The problem is when these big square and rectangular boxes are red, the market is going to finish lower. Financials (XLF) stand out as a legit destination for investors seriously looking to rotate out of Technology (XLK).

Among Styles and Factors, Momentum received the ‘Hades Red’ treatment yesterday, as low volatility continues to be the safe haven for non-Mega Cap stocks.

The Streak Continues

The longest streak above the 50-day moving average could be shattered this year, as the market is comfortably above that metric. Buy the dip, coupled with passive investing (“The Fix”) play major roles.

A Plus

Apple (AAPL) and Amazon (AMZN) delivered after the close. There was a profound statement from CEO Andy Jassy that all backbenchers and indifferent workers should hear loud and clear. Artificial Intelligence (AI) isn’t taking your job; you lost it to the folks “who are doing the actual work.”

Today’s Session

The market is looking to get equilibrium today. The question is: will it attract buyers?

Once again, the largest names are coming to the rescue. It’s going to be very interesting to see what other sectors catch bids. There is no doubt there is a desire to rotate, but there hasn’t been a sense of urgency or need.