S&P 500 couldn‘t keep the upswing to 4,365 during Powell‘s decent speech, and broke through 4,330 thereafter – not as a function of a stunning hawkish
surprise , but of rising Mideast tensions – precisely said, of broadening the conflict. While Israel needed more time to secure its northern border and West Bank, US Navy in Red sea intercepting missiles or US bases in Syria and Iraq under attack, that‘s a different cup of tea beyond Lebanon. Lack of a dead cat bounce coupled with poor DAX and strong gold and oil showing speaks clearly to rips being sold – and to be sold as part of weekend positioning.
Stocks and sectors NFLX and XLC are now candidates into whose strength to sell, rather than chase higher. The short-term downside has way more potential than the upside. Financials aren‘t yet a buy, and yesterday‘s upswing failure confirms this prospect as regards both big and regional banks. Financials are also to underperform. Gold, Silver and Miners Gold and silver are to consolidate the high ground, with still bullish undertones.
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