Hello All,

Let’s get up to speed.  The SPY chart below depicts our main scenario from about 10 days ago:

Fast forward to NOW where the graphic nearly says it all:

So, Powell did what we speculated he may do to avoid appearing as if he had a 100% tin ear, and now the FOMC minutes and possibly the G20 may also be used as we speculated and it will once again be “bonus time baby!” on the Street of Schemes.

With “markup madness” launched, naturally all but one bullish name lifted to some degree:

KR, UN, MDT, MNST, PFE, AMAT, and CREE all did their thing.  PDCO was the only exception and as we noted, that was set to have its earnings conference call today but they announced they were delaying earnings before the start of trade yesterday.  That is something the Street rarely receives well.

Since we were bulls in waiting and had entirely bull names for this week save for one at-the-ready bear name, let’s hope that the news cycle continue to giveth and that everything is “construeth” as more cause for celebration.

More when warranted!

Thanks,

Wayne