E Market Briefing For Monday, Dec. 6

Resolutions are pending - as 'known unknowns' perpetuate uncertainty; and that's as anticipated. There's no reason to have looked for much other than a 'continuation pattern', as S&P forges on (with alternating swings) toward that rising-bottoms trendline I emphasized a couple days ago showing again).

So 'technically' it might be that the 'bullish alternative would be dramatic slide, with a washout and compelled selling (followed by automatic rally). The more drawn-out pattern would be what we're seeing; an uncertain 'fits & starts' but working lower overall market; and in this case it is 'overall' not segmented.

It's probably at-risk of 'other shoes dropping too'; although there's enough on everyone's plate to make investors feel flat-footed here. But this generally has a tone that is not different than forewarned; just a chronically frustrating time, which is exacerbated by an obvious Fed-Powell 'spin' trying to make a policy fit the conditions; when conditions have already changed, again from Covid.

It's probably at risk of 'other shoes dropping too'; although there's enough on everyone's plate to make investors feel flat-footed here. But this generally has a tone that is not different than forewarned: just a chronically frustrating time, which is exacerbated by an obvious Fed-Powell 'spin' trying to make a policy fit the conditions; when conditions have already changed, again from Covid.

But until it is known, or the Pfizer drug is approved (how about right away Dr. FDA please), and presuming it actually works 'as advertised' (which they are since Government ordered millions of doses already) there is uncertainty that totally impacts perceptions of growth, margins, inflation vs. stagflation; and/or whether the Fed can 'really' move forward with their obvious intentions (that of course are late to arrive; not incorrect).

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This is an excerpt from Gene Inger's Daily Briefing, which typically includes one or two videos as well as more charts and analyses. You can subscribe for  more

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