Stocks are mixed premarket to kick off a new trading week after Federal Reserve Chair Jerome Powell’s Sunday “60 Minutes” interview, when he hinted at less rate cuts than the market expects.
Powell continued to stress patience, saying U.S. growth is “solid” and the labor market is “strong.”
The chances of a rate cut in March have now fallen to 15.5%, and the chances for a cut in May have now fallen to 53.8%.
The bond market (TLT), meanwhile, has been dropping for two days straight, and it’s now below its 50- and 200-day moving averages.
This is not good news for the market in any way, shape or form.
In fact, it looks to me like last week could have been a melt up before selling really starts to step in, particularly in the Nasdaq 100 (QQQ).
With all that to the side, we have a monster week of earnings ahead, particularly among blue-chip names, and I expect volatility will begin to pick up.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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