Afternoon Note
Stocks are in the green today as the markets digest the comments from the Fed and consumer spending data. The bias is positive on both, with the Dow and S&P up over 0.5%. Market internals are strong with NYSE advancers at 72% on 86% up volume with improving total volume as August draws to a close.
Financials are a leader today, up over 1% with the XLF following through on Friday's breakout move. Oil is off close to 2% on worries about increasing Middle East output and the stronger dollar. Gold is finding some footing today after touching a 5 week low. All of these moves are fueled by speculation of a rate hike by year-end.
Things look solid at midday with indexes near their day highs.
Comments |
Here we go again!Is it possible for the market to finally figure out the Fed is not that smart. Unless and until the global central banks can back off their support and negative interest rates, it is NOT a good idea to raise rates. The effect has already happened from the worldwide markets. Without the consumer as you mentioned earlier, we would be sucking dust! Ray Weldon on 8/29/2016 1:28:09 PM |
With little volume how long to you expect this to continue to the up side? Jon Lewis on 8/29/2016 2:33:30 PM |
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