The markets are moving slightly higher now that oil has taken a hit and the VIX is coming down. The Nasdaq continues to show weakness as it did yesterday and there seems to be a lot of churning going on. Given that the sectors are not confirming each other (they're moving in different directions), I would not suspect any real rally. Rallies tend to lift all sectors.
Another Few Links:
Right now, it seems the fed is trying to tame inflation by speaking out. However will they actually raise rates later this year? John Jansen at Across the Curve doubts it.
Goldman and Lehman are not convinced either.
I would look at the SHY (the trade that John Jansen suggests). It has come off steadily since March but may now find support at 82.26 on its 200 sma
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