Whenever the market comes in for a few days or a week the pundits start calling tops. To me, this recent market anxiety is just pre- Janet “Aunt Bea” Yellen skittishness. Chips come off the table pre- Fed and we wait. Profits get taken. A further flush into next week’s Fed would be a good thing.. It will set things up better for the balance of the year.
Wages aren’t growing, we have no inflation, crude and commodities are dying and going lower, and the quality of jobs is iffy at best. I don’t know how Yellen can look at the public with a straight face next week and act hawkishly when she looks at the real state of this economy.
The market reflects this now, as it finds itself in the midrange. No one really wants to blink first, so we chop around in no mans’s land.
Dow 30
SPX
The Nazzy is in the middle too.
The Russell however acts very well on a relative basis. They don’t have the same issues (currency etc) as the others.
Anyway, I think next week will be a hoot and opportuntie will present themselves.
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