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Afternoon Note

Pushing Janet Stalling Rally

By Charles Payne, CEO & Principal Analyst
7/12/2017 1:21 PM
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The big rally has been drifting since Janet Yellen began her question and answer period on Capitol Hill.  It’s largely been both political parties pushing their agenda and seeking credit for the upswing in the economy.  There have been good questions from both sides including Rep. Waters taking the Fed to task for hiking rates before inflation reached the stated 2.0% objective.  The toughest moment came when Rep. Duffy pushed back on the notion the Fed should be taking a victory lap for the stronger post-election economy.

Petroleum Inventories

Actual

Estimate

Crude

-7.60 million

-2.85 million

Gasoline

-1.60 million

+1.15 million

But, the more curious action has been the reaction to a massive draw in crude, which has barely nudged crude higher, and crude related equities are mostly struggling to stay in positive territory.

I’ve seen this kind of grinding questions of the Fed stall market rallies in the past, and once the proceedings come to a halt, the rally resumes.  I’m looking for this to occur again, and think we could be looking at new all-time highs into the close.

 

 


Comments
Charles ......... You're the best!

Robert on 7/12/2017 2:37:58 PM
 

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