The chart below is an updated version of the one I’ve been using, it was taken just a little after noon today, Wednesday. It speaks for itself. To wit:
Everyone is currently arguing that the past sell-off was nothing more than a hiccup created over the President’s Greenland comments. And, since that now appears to have been resolved for the moment, it’s up, up and away for the rest of the year.
I don’t hold that viewpoint.
I believe the recovery since that last deeper sell-off (e.g., marked as “3”) would not have resulted if the Fed hadn’t signaled “their back!” Which is precisely what I said they would need to do, or it all falls apart. I’m still of the opinion, it’s all a temporary relief rally in response to it, nothing more.
Since then Japan has begun to wobble, again. Only this time it has caused the Fed to, once again, interject itself into the bond and currency market via the need to declare a public “Rate check” which is something only done in extraordinary measures are needed to be at the ready. Or, said differently, it’s falling apart (as I keep saying) in ways that could cause widespread turmoil most have no clue is even possible, let alone probable.
And not to repeat myself, but I must: This entire move higher has been nothing more than a papered over relief rally using jawboning and more. nothing, repeat, nothing has been solved. But everyone across the mainstream business/financial media are braying in unison as if it has.
Today the S&P 500™ tagged the psychological level of 7000 like the magnet that these types of levels pull. But once it did, like all the prior higher highs have done, can’t seem to hold it, which shows it’s just a momentum push via fast money, nothing more. All my conjecture of course.
With the biggfest earnings stars reporting later today and tomorrow, as well as the Fed rendering its latest decision this afternoon. Unless everything turns out to be stellar for all of it, the “market” just may interpret it as what I deemed “The Scotty moment” years ago. For you Star Trek® fans, you already get it, for those that don’t ,it’s a take on the famous quip of Scotty telling Kirk when he’s demanding more “I’ve given her all she’s got, and she ain’t got no more.”
As always, we shall see.
© 2026 Mark St. Cyr
Disclaimer: The content published across MYTR reflects opinions, analysis, and perspective.
It is offered to inform thinking and encourage consideration—not to provide instruction, direction, or individualized advice. How any idea is interpreted, evaluated, or applied remains the responsibility of the reader, listener, or viewer, as applicable.
Responsibility for decisions—and their outcomes—begins and ends with the individual making them. Please read, or re-read the “Policy Notes” page for any questions or clarifications.