Episode 90: Like a Rorschach inkblot test, Wall Street interprets Federal Reserve comments to fit their narrative. Janet Yellen didn’t clarify when the Fed Fund rate would rise, so global markets are taking that as good news and generally moving up.
As always, watch the 10 year Treasury yield. It’s again below 2%. I’m assuming that baring an external shock, the markets will remain stable through March. Turbulence will return as we approach April when 1st Qtr earnings will disappoint. [Weak exports, unfavorable exchange rates, decline in Energy sector profits, and payroll headwinds at retailers like WalMart.] The summer should be rough with the Greece bailout extension expiring and a Fed Funds rate hike looming.
Oil popped today- in this episode I’ll discuss why I’m still short.
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