Stocks tried to rally today.

There was a sector shift out of big-cap tech and into the broader small caps and the Dow.

 But alas, it was not meant to be. 

Stocks went out on the lows of the day, as Powell Punch lacked enough sizzle to keep the party going.

Jerome Powell made some very incisive points in his press conference, especially with regard to the relative fragility of the recovery due to its striking lack of broad participation and organic growth.

He did say that they saw no asset bubbles, but what else would he be expected to say in his position.

Gold and silver were rallying but gave up some of their gains.

The dollar was slumping but was largely unchanged.

The 'dot plot' indicates that the Fed will keep interest rates close to zero through 2023.

The economic data from July showed a striking lack of foreign money flowing into US debt.

There will be a quad witch expiration on Friday.

Autumn is in the air. Winter is coming.

Have a pleasant evening.

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