Is there a correction looming?

Jerome Powell hits the fairway off the tee from the summit of Jackson Hole, saying that tapering will happen unless the labor market falters, in which case, tapering may never happen. Just the sort of yes/no answer that can assuage market fears and send the major indices to all time highs. The choreography is beautiful. 

With that, the 10 year treasury yield oscillated down to 1.31% after temporarily breaking out of its predictable trading channel. Carter thinks we might be bouncing to 1.45% based on the technical break higher. I'm not so sure. 

Taking the last two weeks in our stride, the turbulence of both the S&P (chart 2) and the Nasdaq from last week fit into a pattern of mid-month sell-offs quickly followed with buy-on-dip oscillations back to all time highs. The fabled correction of 2021 remains elusive with Jerry Powell in command. 

Meanwhile, XBI/LABU snap back after FDA approval of the Pfizer vaccine refuels the biotech trade.

And on Crypto corner, both Ethereum and Bitcoin have sustained momentum sufficient to come out of oversold territory. A dream of sub $3k Ethereum leaves with it. In fact, we are approaching a golden cross for Bitcoin in mid September. Will that send Crypto even higher?