The Powell equity bump fades. Eyes on Gaza

<p>I don't think that Powell delivered anything that changed the state of play. The upcoming meeting was already a done deal and it's all about data after that. Yes, the jump in long-end yields is effective tightening an the Fed is taking that into account but the long end is running, at least in part, due to a stronger economy.</p><p>In any case, the intraday Nasdaq chart carved out something of a double top and US 10s are still a shade away from 5%. I can't see real money stepping into stocks or bonds until we see 5% and a ground invasion in Gaza.</p><p>The latest from the Middle East is from ABC, which reports that the Israeli military received the green light to enter the Gaza strip whenever it's ready, citing a member of the country's security council. </p>

This article was written by Adam Button at www.forexlive.com.