• The stock market is responding the moves in Treasury yields.  This morning’s PCE Deflator has those yields rising once again.  That does not bode well for the stock market.
  • The consumer remains strong.  However, one good gauge of the consumer in the stock market is testing an important support level.  Whichever way the XLY consumer discretionary ETF moves from this support level could/should be a good indicator of how strong the consumer will remain going forward.
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