Why stocks are struggling a bit this morning...

From this week's message: (be sure to read the whole thing)

Back to the present: I just took a break from typing and saw the following headline:

"Stock rally could depend on whether Powell is hands-off on policy for now"

That, in a nutshell, justifies my skepticism of the recent bounce back in equities. To repeat myself, if market participants (in the aggregate) are indeed fixated on whether the new Fed chair comes off tame or aggressive on the policy rate when he addresses Congress today, we should expect the market to take back recent gains, and some, in the near-term...