Market Notes for 8/29-9/2
Recap of last week: Last week we predicted that Monday will be down, at which one point, a lot of choppiness killed profits from the big rally on Thursday. Warned Friday morning if Powell pivots hawkish, the market will waterfall given the market overall positioning and that's exactly what happened. Market wasn't prepared for such a hawkish speech by Powell given his history so the speech shocked the market and that gets you the kind of selloff we had on Friday.
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