Well if it isn’t news about the Fed’s direction on interest rates, it’s about a member. Today, Atlanta Fed president Dennis Lockhart announced he is retiring on February 28, after serving since March 1, 2007.  In his statement, Lockhart stated "The Atlanta Fed is an outstanding organization, and its employees are steadfastly dedicated to helping ensure the health and stability of our nation's economy and financial system. I am proud of the work we have accomplished together, and I believe the Bank is well positioned for the future."

Lockhart, who is not a voting member, was scheduled to become an alternate in 2017 and a voting member in 2018. 

The indexes are giving up yesterday's gains as participants climb the wall of worry about the Fed meeting and gloomy comments about oil supply and demand. The indexes are off about 1.5% across the board. The Dow is trying the crucial 18,000 level again today, down 250 points at noon.  

The Dow and S&P have broken down below their 50-day moving averages and are looking for key support levels of 18,000 (if that fails to hold, the next stop could be a re-test of 17,240) and 2,100 to hold, respectively. The NASDAQ is faring a little better, holding above the 50-day moving average at 5140. Market internals are significantly negative with 88% NYSE declining issues vs 11% advancers on 96% down volume. Total volume is strong. 

Dow Chart

Energy leads the way lower with oil off 3% after the International Energy Agency added its comments to an increasingly negative outlook for inventories lasting longer than anticipated. The IEA said they expect over-supply to last through at least the first half of 2017. 

Oil Chart