Republic Risk: June 11... You Know...

The Fed is meeting today and tomorrow. I am about as excited about it as I am to see my dentist... who recently hit me with his car.

Good morning:

This is not going to make sense on the surface. All indices are positive BARELY - after yesterday’s low-volume run higher. I urge extreme caution because ALMOST EVERY sector is negative on an outflow metric. This is just the result of low-volume money flowing in ahead of the FOMC meeting. We have HARD months ahead.

Yes… nearly every sector is negative. Energy is stressed because refinery margins are falling. Technology is under pressure if your name is NOT NVIDIA (NVDA). All you need to know is that this market is under pressure. 47% of stocks are trading under their 50-day moving average. The next two days will likely see a low-volume move higher into the meeting. But come on… you know, and I know this is not a rational market.