The Peter Ships Show

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The relief rally that began on Wednesday as a result of Drone Powell not being quite as hawkish as some people had feared during his press conference.

And again, he's not hawkish.

It's degrees of dovishness because there are no more hawks.

That bird is extinct as the dodo at the Federal Reserve.

But because he was more dovish in his hawkishness than the markets expected, we got this rally.

But also it might have been a little bit of a buy the room or sell the fact.

The markets had been discounting this Fed pivot where Powell acknowledged that inflation was in transitory.

And now the Fed was going to adjust policy as a result of this revelation.

Now, of course, some people might have expected the policy adjustment to be a little bit more dramatic that it actually was.

But nonetheless, we had the pivot.

The market rallied. Well, that relief rally did not last long.

It immediately faded the following day stocks were broadly lower on Thursday, especially the highly valued momentum type stocks, the tech stocks, meme stocks, cryptocurrencies, anything that is highly speculative in nature that had been propped up by the Fed's easy money.

Well, as the Fed threatens to make money less easy, a lot of these assets were falling.

And the weakness continued again into Friday markets again, closing lower on Friday.

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