Looks like the market is going to remain propped up, on the promise of Biden's decision on whether he is going to re-appoint Powell - as Fed chair - or if he's going to appoint a woman - for purely politically correct reasons . See: "We Need More Women in Leadership at the Fed" MsMagazine
This uncertainty alone is enough to leave the market in limbo, and the kicker is, that he (Biden) is not expected to announce his decision until Thanksgiving. It's all about the timing isn't it? They've already been milking this story for 2 weeks! I feel sorry for anyone who's feels the need to trade the broader market, heading into the holidays.
Home Depot reports blow-out earnings, so the supply line story, and the inflation story, both fall apart.
But notice how $HD is hardly even up, on a 10% earnings beat? That's because the good news has been priced in many times over - just like I said yesterday - and all the market needs now, is a good reason to sell.
The market has already opened. I got a late start this morning.
We're still seeing the $VIX elevated, but it could come down and test the 16.15 level again, and fill the gap, that was left behind yesterday. These tiny moves are irritating to watch, let along trade, and I suggest you don't trade, as long as the market continues to ignore reality.
Speaking of ignoring reality, The $SPX is also green. This is an anomaly; the $VIX up, and the market up, but strange things happen when trading into holidays. Another reason not to trade this market.
Gold continues to hold up, although it's been whipsawing around this morning.
$SOX leads tech, so of course that continues to be held up - in the top of the range.
Looks like the $QQQ is going to be held above the top of the channel for a while.
The $USD seems way overbought to me, and I'm seeing a throw-over out the top of an upturned triangle pattern, as I type
$USD - this looks like it could be a good trade. Watch for a nasty reversal to occur shortly
Now, I'm too distracted to blog.
Later, AA
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