From uber-doves to ultra-hawks in 3 weeks (and a few hundred Dow points), today's FedSpeak did not rescue stocks as everyone assumed it did as Dudley's Dud dropped risk...
"Sell In May" is working once again...
Once again a late-day miracle VIXtermination-driven bounce "off the lows" is erased on heavy volume selling.
With the S&P breaking key technical levels, only Dow Transports remains in the green (up less than 1%) for the year now as Fed speakers pile on the hawkish tone...
As "sell in May" strikes once again...
After yesterday's algo-driven mad dash to close the S&P green both for the day and for the year following Fed minutes that came in shocking hawkish, the selling has continued overnight, led by the commodity complex as rate hike fears have pushed oil back down some 2% from yesterday's 7 month highs, which in turn has dragged global stocks lower to a six-week low, while pushing bond yields higher across developed nations as the market suddenly reprices the probability of a June/July rate hike.
Another roller-coaster day... "you're a crook, and a cheat, and a swindler..."
Today's melt-ups (pre-FOMC Minutes) were all thanks to broken markets
But after FOMC, things went south in everything (except the Dollar)...
