A New Type of Logic

It is a bit odd to see Fed Chair Powell pick a day with a very strong jobs report to soften his previously-rigid (compared to, say, Bernanke) tone regarding his hawkish monetary bias. But that is exactly what he has done this morning, as Powell blatantly acquiesced to President Trump's line about "hearing the stock market." Incidentally, the whole issue about "hearing" the market begs the question of whether The Fed can actually hear the market, in lieu of "listening" to it (see film clip, below). 

But with yesterday's selloff more of less immediately recaptured this morning, I elected to sell out of my gold miners for modest wins while taking a loss on a VXX play, wiping my trading slate clean and looking for fresh opportunities as the IWM, ETF for small caps, tests its 20-day simple moving average from below.

The other major averages could easily follow suit, as yesterday's slight bull divergence insofar as IWM not breaking Wednesday's lows, when every other major index did, now looks to be more significant into next week.