Wishing All a Happy Holiday
To me it looks like today is a reaction to a failed Christmas Rally. But that is to be expected as this period is about much more than a Holiday Rally. It is about the completion of a FED inspired compression into a major market bottom. That all started back in May and has drug on for some time.
The Biden administration has seemed to ignore how Powell and the FED are trying to trash a major flip of the economic equation as grass roots workers are seeing the start of wage gains as a catchup against 40 years of the trickle-down supply side agenda. That will change after the New Year as Biden consolidates his mid-term election and Ukraine targets and moves on to the domestic agenda.