The FOMC June Minutes were released a half hour back. The results have been 'so what?' Brexit occurred just after the meeting so the FOMC's take on the stories of that day are likely quite different now. Thus far the stock market is holding its gains off thru midday, working laterally the past hour, just off the highs.
SP500 8.60, -.41%
NASDAQ 31.10, 0.64%
DJ30 64.26, 0.36%
SP400 0.41%
RUTX J0.53%
SOX 0.16%
The minutes showed most members viewing the May payrolls flop as increasing uncertainty and may signal a broader slowdown. Groundbreaking stuff, that is. All felt it would be best to wait until after the UK Brexit vote before acting. They now more or less have the results. You can imagine the statements to come even with stocks recovering quickly off the selling: too much uncertainty, have to see how Brexit plays out, etc. In short, the Fed has all it needs to go through 2016 without hiking, and that is exactly what its contemporaries in other countries want.
Thus far the early losses are reversed with NASDAQ and SOX attempting reversal moves from their recent weaker patterns. We picked up some TMO puts early; TMO has jumped back into our face for now. Watching some upside (OPHT, TREX) while at the same time watching downside this afternoon if this rally loses its momentum. Nothing now really suggesting that.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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