The top is in—The Fed’s ‘higher for longer’ policy leaves stocks vulnerable. They intend to punish Trump with tighter monetary policy, just as they did during his first term.

So here are the peak intraday values:

– S&P 500: 6,099.97
– NASDAQ: 20,204.58
– DOW: 45,073.63

Not going to see these values again for a long time.

— Sold At The Top (@soldatthetop) January 10, 2025

The 10-year note yield is now up 120 basis points since the September rate cut.

Does this look like a “Fed pivot” to you? pic.twitter.com/xZrZRLh6JN

— The Kobeissi Letter (@KobeissiLetter) January 10, 2025

Translation: the Fed intends to punish Trump w/ tighter monetary policy, exactly as they did in his first term… https://t.co/7FgFrQ3krb

— E.J. Antoni, Ph.D. (@RealEJAntoni) January 10, 2025

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