Finally today we get a pullback from this freeway we’ve been riding for 2 days but mainly it’s a cautionary reaction since Powell will be testifying in front of Congress tomorrow. Normally this would not effect the market but as we all know for the past year it has become a FED market also his statement is released before he talks on Tuesday, Wednesday he will be answering questions straight from the committee. He can not mention anything about dollar strength or market stuff so it will be low ball questions, all in all I’m not expecting anything new just more hawkish and data driven usual remarks. It will set the tone for the next 2 weeks we have 3 more big events, jobs this week, CPI next week and FOMC on the 22nd. Mainly stay true to your plan we have high “IV” implied volatility on options this week so don’t expect those fast balls for home runs. A 399 pullback would be no surprise. Remember it’s the year of confusion I can’t stress this enough we might stay sideways for the whole year it is possible
As always trade what’s in front of you good luck
As always trade what’s in front of you good luck
