Jay Pow-Pow-Power Wheels Keeps on Printing

News of President Biden planning to nominate current Fed Chair Jay Powell to continue serving in that capacity apparently led to a further pop in equities this morning to kick off Thanksgiving week. 

While it is certainly true that Biden's other main candidate, Lael Brainard, is widely-seen as being much more dovish than even Powell, it is also true that markets have an extensive history of putting brand new Fair Chairs to the test almost immediately. 

Hence, the market may very well be applauding the continuity of Powell continuing along the current path, even if it means he eventually signals The Fed is going to raise rates much sooner than Brainard would have. 

On the back of this news, gold is being trashed, somewhat unfairly, on the initial perception of a "hawkish" Powell still in charge. That, of course, is laughable--As we speak, The Fed is still utilizing quantitative easing, albeit with a taper, and no clear date set to raise interest rates, or anything close to it. With gold miners in the GDX ETF rallying off the morning lows, it would not surprise me to see them flip green today and erase today's losses fairly soon. 

As for the market at-large, NVDA TSLA rallying is clearly a major part of today's action. I remain skeptical of the rally in tech/growth, and continue to hold ARKK Short from last week with Members. 

I am not going to make a bold call just for the sake of doing so and claim a major top today, but I will say that with the knee-jerk rally on the expected Powell news, we have as many stars aligned for a surprising downside holiday move as one can envision.