Stocks are up nicely with tech leading the way after the Federal Reserve minutes all but guaranteed a rate cut for in September.
All eyes now will be on Fed Chair Jerome Powell as he speaks at 10 a.m. ET on Friday, with everyone expecting that rate cut. If the market doesn’t hear what it wants, then the market will take that very negatively.
That’s because a rate cut was a presumption, but now it’s an expectation. And if he gets wishy-washy, that will be bad news for stocks.
Continued jobless claims came in slightly better than expectations, which is helpful.
Not much other than consolidation is going on with crude oil. If you’re shorting it, I believe we’ll see a little more follow through to the downside.
Bonds are still in a descending triangle, which typically leads to a breakdown. I want to see what effect today’s reports will have — if it continues to fall, that’s not good for interest rates.
Volatility, meanwhile, is in a wait-and-see mode…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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