The revelation of liquidity pressures at SVB Financial Group sends the market reeling as it raises fears of potential problems at other financial institutions.
This is the key to determining if the current bull trend will continue, or is about to end.
Why get excited about the ADP print when by Friday morning, regardless of outcome, your brain will immediately discard it as meaningless?
In this difficult environment, there is an important sector to watch.
Powell launched an uppercut to the markets after having stunned the algorithms that control price discovery with a right cross to the jaw.
The argument that the market has fully discounted the economic chaos that lies ahead is extremely hard to justify.
Speculation only works if the physical market follows.
The Fed Chair will have to, once gain, thread the needle this week.
Technical conditions are favorable, but there are four big news events coming up before the next Fed meeting on March 22.
Credit is looking strong and stocks seem to be responding well to spending cuts, but zero days to expiration options are a wild card.