VIX Up, Dollar Up...Stocks Up

After Fed Chair Powell delivered an underwhelming soliloquy at the virtual Jackson Hole symposium regarding inflation perspective this morning, stocks are pretty much resuming their daily melt higher in the Nasdaq, led by TSLA today, albeit with spotty action below surface.

And, just as significantly, negative divergences such as the VIX green (again) and the Dollar firm, in spite of Powell singing the praises of inflation, decidedly fall into the category of, "it ain't a problem until it is," for Nasdaq bulls. While these divergences are noteworthy they, again, will not amount to much in the way of equities until bears can slam the marquee large cap tech names for more than a few moments (literally, in this market). 

On that note, should we see the game of musical chairs rotation continue within tech it is hard not to think SNAP finally wakes up from a long late-summer slumber, seen below on its daily timeframe.