S&P 500 ran out of steam shortly after Friday‘s open, yet caught fire before the close. The sectoral disbalance driven by retreating yields went on, and tech remains still the engine of stock market growth – but look for the leadership to broaden into financials, industrials or energy as we go forward. Volatility made a new 2021 low while the put/call ratio has sharply risen to more neutral readings.

Paring the bets is getting underway before this week‘s FOMC – the Fed is perceived to perhaps want to at least start debating taper, if not present the sketch of its seriously watered down shape. They‘ll make taper hints and noises at most, it would be much ado about nothing – the markets are just getting spooked now, most notably the dollar (having risen on the unreasonable expectation something palpable and material would come out of that – but remember, talk is cheap, and Jackson Hole is the more likely venue and time that would happen, with 2022 most probably being the ye

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