iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,082 Blog Posts

Wall Street Confuses Itself Into Selling Perfectly Good Stocks Post Powell Testimony

The market was hemming and hawing all day, trying to filter through all of the retarded statements proffered by the lawyer at the Fed, Jerome Powell. Although I had a fine day in the market, long commodities and stocks that generally trade up, many of you did not. The reason why you lost money is because you’re not a very good trader. By ‘good’, I mean you’re not well adept at making money at trading stocks.

It was one heck of a ride — but the final result was lower. Traders had every right to bid prices higher, but instead sold because they felt Powell didn’t have it in him.

Gold +1.6%, Silver +2.4%, WTI +2.9%, Dollar -0.85%, 10 yr yield moved down from 2.92% to 2.88%.

THE MARKET WAS WRONG

My read: markets viewed Powell’s statements as dovish and sold off stocks because they themselves were retarded. See, the Fed did nothing wrong. That’s the plot twist here. All of the important side notes to today’s tape were bullish for higher stock prices, but traders didn’t hold onto their stocks. As such, we will see the market move higher tomorrow, after the herd catches up with the shepherd.

 

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4 comments

  1. sarcrilege

    The rigged markets think Powell is good for au/ag…that’s the silver lining in this debacle.

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  2. roundwego

    Circus market gives no fucks about reason and rationality. It want more crack, three rate hikes is like going on methadone. Addicts will throw a tantrum, but bond market has been divergent to equities.

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  3. ironbird

    They are killing the internet. Would have to be fucking blind not to see it. Game over.

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  4. Raul3

    he’s garbage and investors know it

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