Well, in this fast-moving market, there’s hardly any point in posting intraday charts, but – – at this immediate moment – – “pop and drop”seems to be the order of the day, whether it is gold………
……..the NASDAQ………
…..small caps (although, as I’m typing this, they’ve gone green again)….
……..and the ES itself………
All this has been driven, of course, by Powell. The simplified version of what he said was:
- We need to be able to drop interest rates to help the economy;
- However, rates are already at zero;
- But we need higher rates!;
- So we’re going to let inflation run wild in order to allow rates to rise;
- Thus giving us the power to drop rates if we need to do so in the future.
And so, in bond-land…………….
We’re not even half an hour into the day as I am typing this, and in the span of putting this post together, we’ve gone from all-green to all-red back to all-green again. Oh, whoops, NQ is red again. Yikes! I’d better post this before quotes turn purple. Suffice it to say, this is the Fed’s message:
