Posted in
Daily Report
By: Tom Gentile
on February 7th, 2023
Whenever the markets experience a day of trade like today the first thing that comes to my mind is the song by the Ohio Players – Love Rollercoaster. Not the greatest song in history, but appropriate in describing today’s trading activity today.
Fed Chair Powell spoke today with Carlyle Group Chairman David Rubenstein at The Economic Club in Washington, D.C.
For much of the conversation there were some that had the impression Fed Chari Powell wasn’t really saying that much. At least not much to shake the market. It felt like he was giving the market Bulls a hug. And the Bulls embraced that hug and started putting their money to work and taking the markets much higher off their intraday lows.
Then towards the end he made a comment to the effect that if Labor Force and Inflation data causes concern and has to still be dealt with they would continue to deal with them – more and higher rate hikes?
It was if at that point the market Bears came in and kicked the Bull sin the ‘sweets’. The markets sold off by 400-points or more and made fresh session lows.
Her we are NOW closing in on the last half hour of trade and the markets are up at or near session highs.
We will see how things end up after the last half hour of trade, but right now it looks like the Bulls will have come out better than the Bears today.
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