Hello All,

The FED/Powell Tin Ear Tantrum continues today.  The SPYs have effectively reached the lower end of our support range.  If this doesn’t hold, we see the next support level near $235.00ish in the SPYs.  There’s not much more to say than that.  Tepper made it clear as how to digest the news and the markets have acted in accordance with his bearish take.  The break below $260.00 we’d been waiting for has played out like a very predictable slow-motion train wreck.  Powell and the FED own this for not being willing to skip the month and take a fresh look at matters next time around.  Powell is being roundly criticized for being obtuse and possibly politically-motivated.  Add in domestic and international slowing to higher rates etc. and it’s a mess.  The only positive is that we’re very oversold at the moment, oh, and if there’s to be a bottom, we have to be even closer to reaching it now.  Remain prudent because although it’s not fun, not losing during these major corrections keeps us ahead of those that do.  That’s a bigger deal than it would seem.

More when warranted.

Sincerely,

Wayne