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Earnings Season Will Start Friday
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FOMC Minutes Today and CPI tomorrow.
PRE-OPEN MARKET COMMENTS WEDNESDAY – I’m distracted by the hurricanes that have battered the South East. My prayers go out to all of you. Be safe.
Yesterday the market recovered from the drop Monday and the price action is choppy. The fundamental news in the last few weeks could not be much better, but Asset Managers are passive. We are not seeing any follow through to the FOMC breakout.
The FOMC Minutes today should not produce much of a move. We’ve had multiple Fed Officials speaking every day for the last week so there’s nothing new. We know where they stand. Core CPI is expected to come in at .2% month-over-month and it has been in a steady trend lower so I am not expecting any surprises.
Earnings season starts Friday and that should keep a bid to the market. Banks will dominate the early releases and the results should be good. People have jobs so the defaults should be low. Interest rates are high so there is a good lending margin. I’m not looking for a big rally from banks, but they should be firm.
The market has had time to consolidate after the bounce from the August low and I believe it is on the verge of making a new all-time high. It won’t be a powerful rally, just a gradual float higher and every gain will be challenged. I’m basing that on the recent price action.
Day traders should wait for support and buy dips.
Swing traders should manage starter longs. The price action is choppy and I would not be inclined to add to positions. We have the election and the FOMC coming up in a few weeks and those events are likely to keep a lid on the rally.
Support is at AVWAPQ and resistance is at the all-time high.
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