Brainard Said What?

(4/6/22) Tuesday's market sell-off was not too surprising, as markets retraced from over-sold positions to "over-boughtedness." As markets open down this morning, the 50-DMA will be challenged--and that needs to hold, at least for the moment. Even though markets are currently over-sold, a very clear sell-signal remains. Two choices beckon: either trade along the 50-DMA for a few days, working off the over-bought condition; or, violate the 50-DMA, and re-test previous lows. Either outcome will reduce the over-bought conditions. Meanwhile, Bonds remain under pressure, thanks to the Fed's Lael Brainard's recent comments about a need to taper the Fed's balance sheet more quickly. Bonds are over-sold, and holding onto support at recent lows. As market weakness continues, don't be surprised by some correctional action in the stock market, generating some buying into the bond market.

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