Al Abaroa – Beneath the Surface Look

So as expected the word on the net is impeachment. Nothing too surprising about that. Midterms are now very interesting. Turning attention to the markets, we have good cooperation beneath the surface. Semiconductors, Transports and Financials all behaving somewhat. Some better than others. Now, Fed Chair Powell speaks in Jackson Hole and he could change all of that with one speech. The big question is are we living in Shangri-la? Peak data may have shown up in the macros and some subdued forward walking behavior may come. Let’s keep a watchful eye and check our risk pockets.