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Market Snapshot 2.9.23- The Battle Has Moved

Good Thursday AM,

Not much to share today other than a few words from Dan Rawitch.

Bonds are trying to fight back a bit and the battle has moved more in our favor.

The ten-year bond is now back below 3.65 which is a key Fibonacci level. IF we can hold below it, we could see a revisit down to 3.50, a level that has a lot of emotion and therefore will create volatility. The only news today was jobless claims and continuing claims, both of which missed expectations. The continuing claim number is the one I find curious. This number has been steadily rising on a weekly basis for some time now. How can we have as many jobs created last week as the numbers claim, with a growing number of people out work? We can’t! I remain cautiously bullish but remind you that we are still under the Powell whammy. A spell cast upon the market every time he speaks.

Please remain safe and stay healthy, make today great!