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Tomorrow is the big day, of course. Powell time again. Two hours before the market closes, the announcement rolls out, and half an hour later, he does his press conference. As always, caution will prevail, and every syllable will be selected carefully. Added to which, whatever movements the market makes immediately following the announcement won’t mean much. It usually takes until at least the market close before some kind of clarity is there with respect to reaction.
For many months, the 10-year minus 3-month has been recovering from its “a recession is here” depths.
Well, there’s no denying it. The beautiful rounded tops that were taking place in energy commodities are long-since busted. The last, best hope for these was actually just before the election, but since then, we’ve seen almost nothing but unabashed ascents in crude oil…………
Apple remains a terribly important stock to watch, since it is such a bellwether for the NASDAQ as a whole. It has, for some weeks now, been carving out a series of lower highs, and even with this morning’s strong NASDAQ performance, AAPL could only muster a shooting star beneath its most recent “lower high”;