S&P 500’s Bostic Move

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S&P 500 duly took the bearish unemployment claims message (boom territory around 200K translated into more tightening pressure), and traded well below the key 3,955 level – until the Bostic (no FOMC voter) struck. Some hawkish lines mixed with key allusion of summer hiking pause got the bears scared, ushering in a little short squeeze with power to reach higher still This risk-on turn is though built on poor foundations, from weak market breadth, bond volume not surging, spurious USD, tech and cyclicals (financials) action that relegate meaningful resolutions to next.week. Suffice to say, I‘m …

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