The markets got the hawkish version of Powell today… and the implication that there won’t be any more rate cuts.
The big indexes don’t like Hawkish Powell, not one bit. They took his remarks “poorly.” And by “poorly” I mean “they jumped off a cliff.”
So what had been a kinda-up day turned into a big down day, anywhere from 2.5% to 3.5% after 2 PM. It was rough.
And remember: At least according to the seasonality, we’re supposed to be in the Santa Claus rally right now.
I have to say I don’t think it’s happening this year, at least not from where I’m standing.
The good news is there are plenty of plays out there to make money - even if everyone else is losing theirs…