Stock bulls weren‘t fearful of the long weekend, yet distinct selling gripped key sectors before the closing bell. The reason is plain derisking rather than expecting the peace memorandum to fall apart over the weekend – it‘s clear by Trump‘s own account why he had to do it (check out the SPR). The dollar clearly continuing higher before pulling back into the close (how well does that mirror yields?) is though the key feature of where the Warsh Fed priorities are.
Equities having recovered overnight Thursday, and continuing confidently through intraday volatility into the closing bell, is another key feature that will carry over into next week – how about recession or slowdown risks, would XLI keep up this well? And peace or no peace in the Mideast as that was an important factor having hand in Thursday‘s rally?
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