Have to make it short and sweet today. Energy stocks call the tune. They ran up, sold off and then recovered and the rest of the market followed along. Energy stocks made a higher high, a lower low and lower close than Friday, so profit taking may be the order for the rest of the week. The rest of the market should follow along.
Bonds got hit hard on the PCE deflator being higher than expected. Looks like we may be ready to test the spike in 10yr yield that we made in December, around 4.42. The homebuilders did not like this especially with new home sales down much greater than expected, down 9%. Walmart couldn't hold its gains even though it reported its best SSS since May, very suspicious.
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