The 200 Day Attraction

We are seeing a lot of stocks, including the Fangs and the S&P index bouncing back up to the 200 day average.  Pretty impressive, but it does not negate the November-December rollover.

Probably my main concern is whether Fed Chairman Powell is rolling over, under White House pressure, on his basic ideas, including the balance sheet normalization.  The recent steepening of the yield curve over the past few days, indicates that he is still in charge, but we have to watch closely.

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