$SPY, $STUDY, Greece stole the headlines again this past week after
the breakdown with the European Central Bank over debt repayment plans. Friday was
a disappointing finish to a mostly positive week as investors stayed on the
sidelines ahead of the next FOMC meeting. Improving economic data continues to
campaign for a sooner than later hike in interest rates but its unlikely the
Federal Reserve will do anything before September. Fed Chairperson Janet Yellen
will have traders hanging on every word from the FOMC meeting minutes on
Wednesday looking for hints on the rate hike timeline. Expect another volatile
week as markets will also continue to trade off European headlines and the
Greece debt debacle. This is beginning to sound like a broken record.
Not much has changed from the perspective of the Major Market
Mode, neither the Asset Allocation Recommendation nor the overall analysis of
the six watch lists which we track.
Middle of the road, not adding to the portfolio at this time and will
remain cautious going into the week. In
general the trading volume was weak over the past week which will cause the news
driven volatility to appear stronger than in reality it will be, trade slowly
and cautiously in front of the FOMC release on Wednesday.
FactSet StreetAccount Summary - USWeekly Recap: Dow +0.28%, S&P +0.06%, Nasdaq (0.34%), Russell 2000 +0.32%
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