Yesterday was just a tough session that never gained traction, although there was positive action in growth sectors (Technology (XLK) and Consumer Discretionary (XLY)).

CP Effect?

The market was building up a head of steam, but it evaporated at 2 PM, when the discovery was made. I took the day off from television.

I’m being facetious; it really looks like the market is struggling to keep the momentum of the seven-month winning streak.

It wasn’t Pretty

Momentum took the biggest hit, but there weren’t any safe havens.

Last night, Jay Powell gave a speech honoring the late George P. Shultz, but I think some parts were aimed at his own critics.

Honesty and respect for those with policy disagreements (perhaps aimed at Trump for the “too late” label).

Letting parties reach final agreements themselves (those including myself, who feel Fed members are talking too much, and pressing their case in the media at the expense of market calm).

Today’s Session

JP Morgan is out with positive but self-explanatory comments.  How can the blue line (below) be a bubble and overvalued?

The AI story is real. There will be a ton of winners and losers as businesses shake out, but it's nuts to think this early juggernaut should be avoided. Most of the people beating that drum have no clue outside of old valuation tools and approaches – ask how much money they are making for people.

Hint: none.