Powell did not have a lot to add. He still doesn't believe governments can just keep printing money and survive, but he is trapped in the monetary policy swamp created by former federal reserve boards that lost sight of the real purpose of a Fed and instead did what all government entities (I know, it is supposedly not, but it plays that role) do: mandate creep and power creep. Now the Fed cannot take action. Yellen tried and was spanked. Powell tried and was slapped. Hard.
Chips and techs are off, small and midcaps as well. Only the large caps are higher and even those have to overcome CAT and HD, but even those stocks are off their lows and will likely recover just fine.
The indices are still not through resistance -- this is an ongoing process of trying to get through but finding headway a bit harder given everyone is looking at it.
Outside of the obvious with the indices, there are some interesting stock moves. Like ADBE, RACE and even ZGNX -- now that is an eclectic mix. Looking at those but remember the resistance for the overall market could push them right back.
DJ30 -4.95, -0.02%
Jon Johnson, Chief Market Strategist
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