The 10-year Treasury yield stalled at just over 5% and was then thrown back by a one-two punch of a new Treasury schedule for refinancing and an unemployment number that, at last, wasn't red hot. These two points blunted anything that Federal Reserve Chairman Jerome Powell had to say and that was all it took to have the best week in the stock market of the year. Can it continue? Let's start with sentiment.
So, last Thursday's session was, again, one where we were still oversold and there was a complacent negativity by those who still liked stocks. It seemed inconceivable that Apple could actually matter anyway but negatively. Then the number came out . It was immediately interpreted as negative, top and bottom, and every line item.
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