The Next Rate Hike
9/14/2016
Coming into the week, Wall Street wasn’t completely convinced of a rate hike his month; nonetheless, the rates probably were increasing.
Monday, there was still a sense of cautiousness to the session, which is reflected in the fact that the two strongest sectors are considered conservative safe havens:
Moreover, market breadth underscores how sharply fortunes shifted Friday as there were only 28 new highs on the NYSE versus 208 a week ago. NASDAQ, which moved into the green before other indices enjoyed a slightly better breadth with 43 news highs against 178 a week ago.
Market The market held where it had to; and now, with that being said, the Fed has entered a quiet period. It’s going to be interesting to see if major indices resume their sideways movement or find ways to breakout. For the Dow, that means a close north of 18,640.
Charles Payne
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