a baby boy is smiling and reaching out his hand

That Moment?

Back in May I ended a note with the following…

These markets will not sell off until the market, for what ever reason via implied or tangible evidence, that the Fed either no longer has or, no longer can “have its back.”

Simple as that.

This past Friday, you may have just glimpsed the latter part of that equation. e.g: “no longer can.” To wit:

(Charting Source)

As always, we shall see.

© 2026 Mark St. Cyr

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