I hadn”t seen headlines since

I hadn”t seen headlines since this morning”s Durable Goods before the Market Tour. The non-reaction to Durable Goods miss had no effect on price action, but a 4-point drop began about 10 minutes later. I noted during the Tour that this seemed odd, but now it”s clear — a Fed speaker (Powell) was on the tape with his expectations for a Sep/Dec rate hike.

That”s more bullish than if it were a reaction to the econ report. If that”s the market”s sentiment, then the its reaction tends to be duplicated by the subsequent reports. Not being the case, after all, doesn”t assure recovering. But it keeps the door open. And recovering should be done abruptly, if at all.

Here”s more detail in the pre-market Tour recording:
https://roddavid10.mitel-nhwc.com/join/pcrwbkc