Friends
Since I left for the week the Saudis were drone bombed, the Fed cut the Fed Funds rate but left market participants a bit confused and dissatisfied, and the President has rifled out 437 tweets (OK, I made that up, but I’ll bet I’m close), yet stocks are about where they were when the week started. Oil rallied, of course, but then settled back to about where it’s been trading all summer, and stocks still sit near all-time highs. The Fed’s voting members appear to be divided and central bank policies are being monitored and criticized widely. But, the markets are quite resilient at the moment (things will fall apart this afternoon now, just because I said that).
Nevertheless, it appears that the bulls still are able to frustrate the disappointed and confused bears. I’ll be back Monday and in the office on Tuesday. I hope you were able to survive yesterday’s flooding event without damage. That’s all from the road.
Have a great weekend everyone.
