The Federal Open Market Committee (FOMC) meeting was boring until Jay Powell replied with a stern “no” when asked if he would leave the job upon a request from President Trump. Other than that, he rambled and stumbled and seemed nonchalant. Two noticeable changes in the statement were brushed off as a matter of grammar. As the kids say, the next year and a half will be ‘lit’ between the White House and the Federal Reserve.

Keep the Party Going

Equities continue to march higher, especially the NASDAQ Composite. But the rally is losing steam.

Advancers are gaining more momentum over decliners, which is what you want to see for a sustained rally.

Meanwhile, the Volatility Index (VIX), aka the Fear Index, has beaten a hasty retreat.

Today’s Session

The market is looking to open lower, mostly on profit-taking.

The updated University of Michigan Sentiment gauge will be interesting. Heading into the election, it was harbinger of increasing belief by Republicans and Democracy that Trump would win the election.

The key for the upcoming read, will be independent voters.

In addition, the inflation read is also going to be critical as the rate of change has slowed but it is still growing.