06/13/2018 Live Update

[fehro]

SPX breaks 2783 .. then may see some acceleration down

[fehro]

TRANsports weak

[Trades with cats]

Technical trading with day traders in charge for sure. Last 30 minutes tested both the overnight high, to the tick and the overnight low, exceeded by two ticks, with (for dramatic flourish) pauses at yesterday's high and today's opening print. Too bad it is such a tight range.

But it is summer swim suite season so time to go on a diet and learn to live on scalper's wages.

[Al_Dente]

How XLF performed during and after the last six rate hikes
https://pbs.twimg.com/media/DfljGbIVQAIsX-5.jpg

[Cobra]

10 min to roller coaster show. so far the pullback is healthy.

[Cobra]

show time.

[fehro]

SPX breaks 2783 .. then may see some acceleration down

[Al_Dente]

[zh] Key takeaways from FOMC decision:

Fed raises rates as expected, 8-0 vote

In the latest dots, the rate hike path steepens a little this year, still aiming at 3.4% end-2020; longer-run neutral rate still seen at 2.9%

FOMC statement says economy growing at "solid rate,'' job gains have been "strong,'' consumer spending has picked up and investment continued to grow "strongly''

Language about the economy upgraded, line about rates remaining below long-run levels "for some time'' was removed

The sentence got tweaked: "The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term.''

[Trades with cats]

So far Holiday Inn Fed (Best surprise is no surprise) but in 20 minutes Jay faces Steve Liesman and the gang.

[Cobra]

the rebound to me is a surprise move, I thought it'd be down and down...

[fehro]

SPX breaks 2783 .. then may see some acceleration down

stalling here.. LOD goes look to 2774

[Trades with cats]

In case you missed the notice (now we are having fun!)
https://www.federalreserve.gov/live-broadcast.htm

[Al_Dente]

Retail Trivia:
M Macy’s YTD is up +54.65%
AMZN YTD is up +46.05%
Other retailers beating AMZN on the YTD are: TLRD, FIVE, ANF

[Al_Dente]

powell news conference NOW

[fehro]

bonds not happy

[Al_Dente]

Q&A
NOW

[fehro]

SPX breaks 2783 .. then may see some acceleration down

stalling here.. LOD goes look to 2774

retest.. stalls again 2774 has potential if LOD goes again

[Cobra]

no idea about where the market is heading.

[Trades with cats]

Quote of the day. Hugh Hendry (who I admit has had a couple of bad years fighting the central bankers) to emerging markets "I would panic".

Side note, be it real estate in your town, world markets, what ever the problems always start at the edge and those in the center always think they will not be touched.

[Cobra]

exceeded 100% mm (tinted area) so maybe up is a little more likely?