A Boiled-Down Recap of Jay Powell's Christmas Message to the Markets

Have you a valediction, boyo?

I must admit, it has been quite some time since we have seen a Fed Chair truly stand his or her ground versus the market.

But Powell has done just that, and the reckoning may be sooner than later.

From my vantage point, the main issue is how much fear and panic/capitulation do we need to see before arriving at some type of near-term contrarian low for even a modest Christmas bounce.

Time is running out for bulls, and a late-day plunge today again may finally get longs to give their Christmas valedictions for this market.