Pro Perspectives 12/1/22

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December 1, 2022
Yesterday Jerome Powell told us "I don't want to over tighten, and that's why we're slowing down."  And he said there was still a path of a soft landing, without a severe recession.  
As we know stocks had a huge day.  And now we sit on this big trendline heading into tomorrow's big job report

What markets are giving us clues that this line will resolve in a breakout (higher) in stocks?
Yields, gold and the dollar. 
As of today's close, Powell's speech and Q&A session yesterday has triggered more than a quarter point drop in the benchmark 10-year Treasury yield.  This is now 85 basis points off of the highs of October. 
Related to this, the dollar looks very vulnerable to a much deeper decline (this, after already falling 8% since late September).
And gold has been on a tear the past 24 hours.  Gold has now bounced 11% from the lows of just weeks ago.
What have these markets been telling us since putting in respective highs (dollar and yields), and lows (gold)?  The Fed will be forced to take its foot off of the brakes.  And that's what Powell indicated yesterday.   
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