We were on our way to a great day after an overnight rally that was led by a consistently falling POSX. But then the final guess at Q2 GDP was released and all of the gains were quickly erased. Dang.
And what's so stupid about this is that no one cares about Q2 GDP at this point. Powell and his Fed are cutting rates because of where they think the economy is headed, not where it was been! But that doesn't matter to the algos. Nope. The Machines see these headlines and react by buying the POSX.
