How Do Things Stand in the Market as of March 31st? Here’s My Take…

HAPPY EASTER, ALL!

The stock market rally took a well-deserved, pre-holiday rest Friday, with the scheduled inflation-measuring economic reports falling on a closed market, but not on deaf ears. Adding to Friday’s inflation reports was Fed Chief, Jerome Powell’s statement that it was “good” that there were no ugly surprises in the PCE data, adding that the report “was more or less in line with want we want to see.” Meanwhile, the market indexes have been continuing to move back and forth between overbought levels to not-so-overbought levels, perhaps due to the proverbial “rate cut cookie jar” waiting for it as we edge ever closer to June. Fed chief Jerome Powell on Friday said it was “good” that there were no ugly surprises in the PCE data, adding that the report “was more or less in line with want we want to see.” Both factors could see the market rally next week. That said, the market is overdue for a pullback, or at least a consolidation, so don’t allow yourself to become overly confident.