10Nov2:59 pmEST

We All Gotta Get Along

A Friday ramp is more than negating the selloff yesterday from a spike in rates, coupled with Fed Chair Powell's hawkish remarks. Bulls are returning to the playbook we have seen throughout this year, essentially, of jamming mega caps like Microsoft higher and semiconductors, overall (the latter of which saw a massive fade in yesterday's session). 

Small caps are up soundly on the day now, too. But they are also well below last week's highs and far from a leadership group, still. 

Overall, with the S&P 500 fixing to close the week out right around 4400 this seems like as big of a test we will get into the end of this calendar year. Bulls continue to pound the table for a year-end rally, while bears look for the many headwinds facing markets to finally come to fruition. 

One particular divergence that has my eye here: Rates on the 10-Year are well off session lows and back over 4.6%. Earlier this morning before the opening bell I thought if the 10-Year recaptured 4.6% today we would see equities get hit again. But then again, that pretty sums up 2023 in the markets, heretofore. 

Waiting to Pull Out the Big ... Emerge or Diverge


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