Selling Pressure Intensifies...

The question is if we're at the onset of a risk-off even due to war and central bank policies.

Good afternoon:

I think it’s important to talk about how fickle this market is. We roared back toward 52-week highs… but there are three things worth considering for the next few days.

First, an acceleration in the Iran-Israeli conflict will fuel a rush to safe-haven assets.

Second, the Fed meeting tomorrow could position us for institutional selling - and profit-taking on the back of the recent rally.

Third, Triple Witching - the simultaneous quarterly offering of options and futures contracts - happens Friday. There will be trillions of dollars sloshing around in the next few days.

Right now, we’re seeing an uptick in selling pressure. The number of stocks has gone down 5% over the last week and down on the month, and with elevated beta, it has been climbing. That said, I have to keep in mind that a lot of solar-related stocks are on the list after the policy announcement this morning.

That said, cyclicals are under a lot of pressure too, as is Blackstone (BX).

Our intraday reading is u…