Selling stocks today is totally unforgiving.
The combination of strident and hawkish rhetoric from Fed officials this week and a decently strong nonfarm payrolls report today led to the abandonment of the “Fed pivot” trade.
The week had started with a +5% gain but now the Nasdaq is barely in positive territory, up just 0.7%.
I can’t help but think that the failure to sustain even a modest rally from the June/September lows is a sign of a potential rout. I’m sorry to think what will happen if next Thursday’s CPI report is hot.