The removal of liquidity in the system has much more far reaching implications for the markets and economy than most investors realize.
Both the XLF and KBE financial/bank stock ETFs are testing key support levels, so any further decline in the next week or so will not be good for the group.....Also, Go Lafayette, Beat Lehigh! :)
We'll continue to keep a very close eye on the chip stocks going forward. However, there is much more to life than the markets. Our prayers are with all of those in Virginia (and Idaho for that matter).
The official Retail Sales data from the government today was good, but it's only holding up because consumers are borrowing more...a lot more. That cannot last.
Extrapolating one CPI and one PPI number into the narrative that inflation is dead is ridiculous. However, we have to trade the market that's in front of us, so we will stay nimble near-term.
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