thependulumswings

Friends

Market participants waited breathlessly for the Fed Minutes
today (not really), as stocks just drifted aimlessly until the release. Not
much changed after the release as stocks tilted quietly to the upside until the
close of the session. Basically, the Fed minutes indicated that most of the Fed
officials don’t see a likelihood that rates would need to be raised for the
rest of the year, but they did not rule it out completely. On the other hand,
contrary to recent market belief, the Fed officials did not indicate that any
rate cuts were likely for 2019. Of course, the Fed remains data dependent.

As for stocks, by the close the Dow Jones Industrial Average
was up 6 points to finish the day at 26,157. The S&P 500 was up 10 points
to close at 2,888. Gold was up $4 to trade at $1,312 per ounce, while oil was
up $.50 to trade at $64.48 per barrel WTI.

As recently mentioned, a few big banks kick off earnings
season on Friday as JP Morgan Chase and Wells Fargo get things started. Then,
next week we get releases from the likes of Goldman Sachs, Citi, Bank of
America, United Health, Pepsico, Morgan Stanley, American Express,
Schlumberger, Honeywell, Travelers, and Union Pacific just to mention a few.
Earnings season is going to be very interesting and very important. Stay tuned.

Have a nice evening everyone.

Jim