How Close To Topping Stocks?
S&P 500 consolidated Friday as called, with Nasdaq daily outperformance of profit taking (after the CPI run) in Russell 2000. Absolutely no surprise here, clients were ready (for this little ORCL optimism revival) in the continued rotations. So, what can be said is leading, and will be leading? That‘s also the subject of packed weekend video.
I talk there FOMC rate cut prospects – whether that‘s going to be 25bp or 50bp, and that no cut is off the table – plenty of job market reasoning (I covered right away Thursday that unemployment claims were through the roof, and earlier thos non-form payrolls data with revisions) over inflation caution (can it be that tariffs impact isn‘t fully in yet?) – by the way from policy standpoint, tariffs work when the dollar is weaker than it is currently (in reorganizing trade flows), and for now, USD is holding up.
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