Mushy day yesterday but no more real damage after Friday.
Yesterday, we told you the usual that we tell you at the end of every quarter: “This week is end-of-quarter, window dressing week. Of course, window dressing is illegal so does not happen. It usually has a positive bias but right now, lots going on.” TODAY…we walk into a big gap to the upside. Rates ticking back up a wee bit.
Again, another big gap to the upside as we enter not end-of-month but end-of-quarter.
There has been some decent damage in a bunch of areas, namely the FINANCIALS. Leading growth names have pulled in hard but still above support and moving averages. More and more easy money talk pervades the air. REMEMBER, we are in the 100% camp that the next move will be the lowering of rates by Powell.