Loading ...100% right. We were sailing along about an hour or so ago, when all of a sudden they came in with some carpet bombing with the sole purpose of driving prices down below those round numbers at $4K and $49. I suspect this is just one of many we will see today.
At the same time, the QQQ’s are roaring back because they cannot finish the week down after the Fed has done a rate cut. The funny thing is that the rate cuts have done nothing to rates. The 10 yr. is up 10 bips to 4.1% since they did their cut. If I’m not mistaken, rates have been cut 1.5% since the attempted Biden save at the end of last year, yet bond have not rallied.
The Fed, just like the dollar, is becoming irrelevant.
Daily manipulations are the only thing they have left.