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Stocks fell sharply yesterday so once again there was no Turnaround Tuesday for the market, and another Monday rally gets sold. The Dow lost 388-points which was just slightly off the lows, and the S&P 500 held at its 200-day EMA, but that's about the only positives to mention after another September sell off. Bond yields, the dollar, and oil were all up on the day keeping the headwinds howling in front of the stock market.

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We saw a 4-day losing streak snap after yet another Monday rally. That's 12 positive Mondays in a row and counting, but another trend is that volume on these positive days has been lackluster suggesting that larger institutions are not doing the buying. Also, Tuesday through Friday has not been a picnic for the stock market lately. Yields and the dollar (UUP) continue to race higher, both making new highs for the year and the 10-year yield is now at a level not seen since 2007. Oil was down ...

Stocks were down modestly on Friday, but it was the failure of an early rally, and the dramatic selling in the final half hour that was concerning. The Dow lost 107-points and the Nasdaq was basically flat which, in comparison to recent days, wasn't all that bad, but again we are seeing selling of rallies right now, and the question is how long will that approach continue? Bonds rallied on a pullback in yields, which was helping the stock market early on until that late selling.

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Investors faced the Federal Open Markets Committee this week, and it was not pretty. The FOMC was expected to keep the Fed Fund rate steady in this meeting, but it also put out its latest rate projections for future rates. The FOMC did hold rates steady but surprised the market with projections to keep rates higher for longer and possibly another rate hike in one of the two meeting left in 2023.

Fed Chairman Jerome Powell took the stage following the press release and gave ...

Stocks sold off again on Thursday following another rally in bond yields and what is being interpreted as hawkish Fed as they have not thrown in the towel yet on more potential interest rate hikes. The Dow dropped 371-points and we saw losses well over 1% in many of the indices. Bonds and the F-fund were down on the rally in yields, and the market will just have to fight its way out of this seasonal weakness.

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