Wednesday straight down as advised. Thursday straight up as advised. For Friday? I think at this point the bulls still have an edge. However Friday is non farm payroll day and with both bulls and bears showing they can move the market, the NFP is going to be significant. One thing to consider is that both Yellen and Powell are suggesting a soft landing is the likely outcome….an outcome that virtually no one believes.

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I do not have enough hubris— thankfully— to think I know anything about what the probable outcome actually will be, but it is worth considering the soft landing may indeed turn out to be correct. If the latter is the case then the new high scenario seems quite reasonable. So NFP on Friday could move the markets, especially if the number is bullish.