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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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Risk-On Tail Wind: SF Daly Trial Balloons Slower Rate Hike Pace


Stocks gradually extending highs past in the second half, ongoing risk-on support following the WSJ article speculating currently priced 75bp hike in Dec (also spurring strong bid short end Tsys) may be overdone.

  • Underscoring the this take: San Francisco Federal Reserve President Mary Daly said Friday the FOMC needs to start considering a slowing the pace of interest rate hikes in order to avoid tightening monetary policy too much, adding the benchmark lending rate could reach 4.5% to 5% next year.
  • At the moment, Materials, Energy and Industrials leading move in SPX eminis currently trading +59 (1.61%) at 3734; DJIA +539.8 (1.78%) at 30868.92; Nasdaq +141.1 (1.3%) at 10755.07.
  • SPX leading/lagging sectors: Materials (+2.81%) lead by mining stocks, Energy (+2.54%) w/equipment and servicers outperforming oil and gas, Industrials (+2.12%) edge past Financials (+2.01%). Laggers: Communication Services (-0.34%) weighed by Verizon (VZ) -4.80% despite beating earnings est this morning ($1.32 vs $1.284 est), Twitter (TWTR) -4.36% and META -2.22%.
  • Dow Industrials Leaders/Laggers: Goldman Sachs (GS) continues to gain +12.93 at 323.74, United Health (UNH) +12.12 at 533.00, Caterpillar (CAT) +6.96 at187.50. Laggers: American Express (AXP) -5.53 at 135.59, Verizon (VZ) -1.78 at 35.22, Intel (INTC) +0.39 at 26.47.

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