The FOMC minutes said the time for tightening was near, [but apparently not near enough] but it was 'appropriate' to wait to hike. Hilariously, the FOMC minutes said the members did not see asset prices as bearing significantly upon their decision "except insofar as they affected the outlook for achieving the Committees' macroeconomic objectives and the risks associated with that outlook.' Okay, so asset prices didn't matter except that they mattered.
As a result the FFF chances of a rate hike plunged, stock prices have rallied with the midcaps leading, NASDAQ and SOX bringing up the rear today. Industrials are performing well, techs lagging, energy surging, materials strong . . . basically the beaten down sectors continue their runs.
SP500 17.88, 0.89%
NASDAQ 19.53, 0.41%
DJ30 138.36, 0.82%
SP400 1.12%
RUTX 0.85%
SOX 0.57%
SP500, SP400 clearing those September closing highs, the Dow now eyeing the levels pre-August selloff.
Took some PCLN gain, buying some NFLX. Looking at TWTR, but it has come well off its high for the day.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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