Running out of tricks

So NY Fed williams made an appearance on CNBC and said that The Fed is watching Stock market and we are not on Autopilot when it comes to hiking rates.The trick Worked, briefly pushing Spoos,Dow and Nasdaq higher.Treasury Secretary Mnuchin spoke yesterday doing his best to talk market higher. The once proud, market leader Faang has now turned into Dead weight in the Nasdaq.Facebook -28 % YTD is one of the reasons that Fanng Trade and thus nasdaq has been the leader to the downside over the last few weeks.Mizuho telling us today that the Fanng trade is not the most held trade by funds for first time since February.Not a surprise then that Nasdaq has been trading with a heavy tone as liquidation into year end a big factor for lower prices

US yield Curve steeper today as chatter of flattener unwinds aided by a block trade in Ultras keeps longer end heavy.Next week brings a hefty amount of Supply +$150 B all in the shorter end of Curve so this too keeping a lid on prices.

Negotiations ongoing regarding Govt shutdown quite possibly a pop in Stocks if Shutdown avoided.

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