Because it is All So Hysterical

In front of what is widely-expected to be a "hawkish cut" of 25bps at the FOMC this Wednesday, which is basically Fed Chair Jay Powell's only move to try to save face as inflation roars back, Treasuries attempted a bounce this morning only to fade as I write this, with TLT in the red and rates on the 10-year sticky high. A hawkish cut, essentially, means that after this coming rate cut The Fed will signal a willingness to hold off on future cuts as they ponder why inflation is turning back higher before our very eyes. 

Over in semiconductors, we have bulls chasing up AVGO again while selling NVDA, as well dumping the much-maligned SMCI. Still, chips as a whole are leading higher on the session alongside MSTR and crypto-related plays. Small caps are staging a mild oversold relief bounce, while PLTR faded sharply on news it will be added to the Nasdaq next week. 

Overall, I suspect there is not much to shake things up until we get to both the FOMC and then the Bank of Japan meetings later this week--Both central banks ought to be hawkish here, but what they ought to do does not mean much these days, as fighting inflation seems like something to which they have grown apathetic.

And that is is rather horrifying when you consider just how much pain that sticky high inflation has caused tens of millions of citizens of both countries. 

To keep things actionable here, note the nuclear reactor plays finding buyers right where they needed to as key support. OKLO is one example, seen below on the daily chart.