'A bit of a wobble' - might be on-tap for Wednesday, as S&P has moved up so persistently that one has to wonder if a Fed conforming to expectations (by a majority, including us) of 'no rate hike' and too soon for a 'rate cut', sees an S&P response that's more erratic than simply higher.

Freepik

Might be a response by rallying, selling-off and then later (whether same day or thereafter) a bit higher. Some of this sure seasonal of course, with big-cap gains held for a move into a new tax year, and some is tax-selling conflated a bit with buying of smaller-caps presumed destined to do better in 2024.

So yes, the broad market continues to 'pull its own weight' as I've noted for a few days, coming-off our washout October lows and debatable whether or not we get a corrective phase yet, unless there's a geopolitical crisis...beyond the ones we already are aware of.

Speaking of those, the Yemen outlaws attacked a tanker (having nothing to do with Israel), Congress is at-risk of denying Ukraine support (though I suspect it is a temporary phenomenon), which 'might' cause more concessions by the White House, which arguably has not sufficiently worried about 'our' border. In that regard many are more concerned not about genuine poor migrants really struggling for better opportunities or political freedom, but about criminal and terrorist elements, which clearly have been getting into our country too easily.

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