Really, what do you expect the Fed to do? Drop rates to .0001%? Raise rates even a smidge? When the Fed is caught between a rock and the floor (get it? floor= zero. Ugh. What do you want? It's been raining for four straight years here in metro NY) there is nothing to Fed day any more.
Last week, I had an article on cycles in oil, gold and bonds. Oil and gold were supposed to be quite hit this summer yet they fell hard this week. Wrong call? Nope. The seasonal cycles kick in later in July and August. I stand by my long-term view that commodities are going up.
And Monday, I was torn between writing about the market's peak and the sector piece. It turned out either would have worked but since I went sector I'll be addressing the market Wednesday. Can't give anything away here for obvious reasons.
One thing I will ponder will be my rather bullish column at the start of the month. Hopefully, every caught the part where I said it would be short-lived. I doubt anyone but newsletter subscribers knew that the Nasdaq, not the S&P, was the index that actually hit its upside target as suggested in that column.
That's it for now. Sorry to have missed a few days here but the kids are graduating various schools and we are packing them up for summer camp. Distractions!
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