Good morning. Happy Wednesday. Happy Fed Day. Today at about 2:15 ET the FOMC targets the overnight rate (rate at which banks borrow from each other) and sets the discount rate (rate at which banks borrow from the Fed). Both are at rock bottom levels and can’t be lowered, so the only question is whether […]

Good morning. Happy Tuesday. The market was sluggish yesterday. Early weakness got bought late in the day…volume was light…and the day’s movement was entirely contained within the previous day’s high and low. Here’s the 15-min chart. The move off the July low has been steady and consistent, so even if the support line drawn is […]

Good morning. Happy Monday. Hope you had a nice weekend. The Asian/Pacific markets closed mostly up, but gains were not outstanding. Europe is currently mostly down, but losses are not extreme. Futures there in the States suggest a small gap down open – barely noticeable. Last week was a good one. All the indexes made […]

Good morning. Happy Friday. Today, an hour before the open, the Labor Dept. releases the latest employment data, but I’m typing these comments before the numbers come out because I don’t think the data matters much. The market often makes a decision ahead of time which way it wants to move, and the numbers are […]

Good morning. Happy Thursday. The Asian/Pacific markets closes mixed with a bullish bias. Europe is currently up across the board. Futures here in the States suggest a small gap up open, but of course things can change between now and the open. The big story this week has been the banking group and commodities. While […]