Tepper is talking up the markets and the S&P 500 future is rising to new session highs as we speak.
Nevertheless! New York's Fed President Williams made it very clear, that the Fed's top-priority are the "have-nots", NOT the stock or housing market (a point I am trying to drive home since months now):
"High inflation harms those who are most in need. Too many families are now struggling to meet the increasing cost of necessities. I am resolutely focused on restoring price stability, which is the foundation for a vibrant and healthy economy. Higher interest rates will cool demand in these rate-sensitive sectors to levels better aligned with supply. This will also turn down the heat in the labor market, reducing the imbalance between job openings and available labor supply."
The will be many more Fed speakers today, so traders are well advised to listen and prepare for some market volatility.
Fresh open interest data shows, that investors were adding put contracts at sub-4000 strikes, especially at 3700 and at 3200/3300 (something that was already suggested by yesterday's high volume).
4000 remains the main "inflection point" (as described yesterday) that will decide if the (so far orderly sell-off) gets out of control or not.
Nevertheless! New York's Fed President Williams made it very clear, that the Fed's top-priority are the "have-nots", NOT the stock or housing market (a point I am trying to drive home since months now):
"High inflation harms those who are most in need. Too many families are now struggling to meet the increasing cost of necessities. I am resolutely focused on restoring price stability, which is the foundation for a vibrant and healthy economy. Higher interest rates will cool demand in these rate-sensitive sectors to levels better aligned with supply. This will also turn down the heat in the labor market, reducing the imbalance between job openings and available labor supply."
The will be many more Fed speakers today, so traders are well advised to listen and prepare for some market volatility.
Fresh open interest data shows, that investors were adding put contracts at sub-4000 strikes, especially at 3700 and at 3200/3300 (something that was already suggested by yesterday's high volume).
4000 remains the main "inflection point" (as described yesterday) that will decide if the (so far orderly sell-off) gets out of control or not.