I tend to think yesterday's post-Fed moves were a short squeeze, something I wrote at the time.
Today's price action is lending itself to that theory, at least in equities. The S&P 500 is now down 53 points, erasing most of yesterday's 77 point rally.
The 30-minute chart is all over the place in stocks but deteriorating quickly into the final hour of trading..
I don't rule out that year-end factors are in play and the tide is certainly going out on Cathie Wood but this comes back to the macro picture and the likelihood of omicron causing big problems in China.
