Stocks Drift Higher On Fed Minutes

Dow: +21.92…
Nasdaq: +1.55... S&P: +4.07…

U.S. stocks ticked higher after the Federal Reserve released minutes from its July meeting that shed little light on when the central bank could next raise interest rates.

The minutes, along with the July statement, suggested while a rate increase as early as September is a possibility, the Fed officials won’t commit to a move until they reach a stronger consensus about the outlook for growth, hiring and inflation.

The fed is inept, pathetic and impotent and I don’t expect a rate increase this year, my opinion.  Yellen wants to watch hiring? We’re almost at full employment.  They lie like rugs.  Yellen knows a sustained move in higher rates will probably crash the market, after all, low rates is the only reason we are where we are.

The Fed is worried about overseas risks beyond Brexit. Also on the list:

  1. “The weak capital positions and high levels of nonperforming loans at some European banks
  2. “Weakness in the global economy more broadly
  3. “Uncertainty about the outlook for China’s foreign exchange policy
  4. “the implications of China’s run-up in debt to support its economy”

(Note, there are now two Chinese issues to worry about.)  Europe isn’t fixed either..far from it.

But I digress.

I sold a little WPX today, raised the stop on it and also added AN as a new short. As always please check the P&L for any stops and stop adjustments.






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