S&P 500 Bears Repulsed, Briefly

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S&P 500 reversed mid session, but it would be premature to call for the end of the correction – odds are that following today‘s rebound, which I saw as likely to stall in the 4,535 area as easy gains from rotation into beaten down sectors are made, and those defensives with energy won‘t be as generous today. For now, stocks will try to position optimisticallty for low CPI (below 3.3% or better yet below 3.2%), and the degree to which they would be able to peek above 4,535 would provide a hint as much as real assets, yields and the dollar. I‘m looking for modest traces of optimism that would be…

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