What a con in stocks this week. Bulls felt great after the soft CPI and hoped Powell would turn the nod to easier policy. Instead, he gravitated toward a hard march, followed by Lagarde’s even more hawkish inclination. Now the bond market is signaling an unnecessary recession and US stocks have posted an ugly outside day on the chart. On the day: SPX -1.1D Nasdaq Comp -1.0D Russell 2000 -0.7D DJIA -0.9D On the week SPX -2.1D Nasdaq Comp -2.8D Russell 2000 -190. SandP 500 weekly chart after this week’s outside reversal