In our opinion, at the opening this morning, the market looked like it was going to rip higher, only to give back the early strength based on (1) a couple non-voting Fed heads saying rates should not be cut at this time, and (2) Germany suggesting they are not poised to offer fiscal stimulus at this point.  As we wrote in No-man’s land ahead of Fed speak, this is headline risk in a market that is not either overbought or oversold so can get whipped around by headlines.  This is one of those times where it is best to react vs. act ahead of time.

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