The annual Jackson Hole soiree begins on Thursday. It will be absent Ben Bernnanke, but six Fed dudes get the podium and its a mixed bag as three of them hate QE, two of them are on the fence and one of them loves printing presses. The latter also has a bitcoin ATM in his living room.
Stocks got spanked again yesterday as yields persisted higher. Have you seen $XOM lately? The stock is having a bigger fall from grace than Weiner and Spitzer. Evidently they cant make money anymore. Boo Hoo.
Yesterday $Z announced a secondary and an acquisition, The stock got tagged for 9 and looks 4 lower here in pre market.
The $SPX continued lower and spent day 2 under its 50 day moving average. It’s now hanging in limbo between the 50 day and the 100 day moving average.
The bears are feeling a little more empowered here and the bulls less so, but that always happens. Let’s see if that 1630 area holds over the next couple of days.
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