Thanks For the Lump of Coal “Jerry”

The Fed Chairman doubled down on hawkish policy.

PRE-OPEN MARKET COMMENTS THURSDAY – Yesterday Jerome Powell put a lump of coal in our stockings and he squashed any chances for a year-end rally. A slightly less hawkish tone would have done the trick, but instead he doubled down. He said that the incoming data since the last meeting suggests that the ultimate level of interest rates will be higher than previously expected and that “there is more ground to cover”. That was a splash of cold water and the market closed below the 50-day MA and the upward sloping trend line. The next move is lower and the S&P 500 is down 30 points before the open.

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