Back and Forth We Go

Some additional cooler inflation data this morning galvanized bulls to bounce back from what I thought was a notable fade yesterday. And although rates are not collapsing (TLT is actually red) like I am sure bulls wanted to see, it does not much matter at the moment since the Nasdaq is screaming back higher and leading. 

Overall, the S&P and Nasdaq are essentially trading at levels from eleven months ago, which renders this market a ton of activity with virtually no accomplishment. As we have been noting both here and with Members, much of this range centers around you broad view of whether we are in a bull or be a market, in terms of how we resolve it in due time. 

With big bank earnings kicking off tomorrow morning, the market may currently be aloof to the issues some of them faced last month in the midst of the SIVN SBNY crises.

Jamie Dimon, the CEO of JPM, has a ton of gravitas both on Wall Street and inside The Beltway. So, his remarks on the JPM call tomorrow morning should be watched closely. 

While the lack of downside follow-through is frustrating, I am not inclined to close any of my bearish bets given the overall ping-pong game the market is playing--I still think this is the chop before the drop either later this spring or later this year.