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Stocks rallied in a low-volume session as traders bought stocks on sale from the previous days’ carnage. Michigan sentiment gets an upward revision on confidence and a downward revision on expected inflation – 👍, says the market.

Stocks declined for a second straight day on good economic data with investors fearing that the good news would further harden the Fed’s heart. Flash PMI data surged, surprising economists and hopeful stocks bulls in a good is bad trading session.

Stocks gave up ground yesterday largely in response to the hawkish tone of the May 1st FOMC meeting minutes. Existing Home Sales unexpectedly declined in April where the Northeast region remains softer than pre-pandemic levels.

Stocks raced higher yesterday with the S&P and Nasdaq closing the session perched on fresh highs. Fed members walk the fine line between pleasure and pain for the markets.

Stocks climbed yesterday as traders awaited some key earnings and tomorrow’s Fed minutes for some direction. Fed officials are determined to get a summer off, choosing to be reactive rather than proactive, forgetting how that worked for them a few years ago.

Stocks sprinted into Fridays close thrusting the Dow to just a nose ahead of 40,000 with very little news to backfill the jump. The Conference Board’s Leading Economic Index pulled back more than expected in May… it’s up to the Fed whether that is good or bad.

Stocks slipped yesterday after the Dow could not hold on to its much-discussed 40k level as Fed bankers did everything they could to break the bulls’ will to survive. Industrial Production was flat in April – you may not care, but it is trending down which is bad for growth – which you do care...