Hey my friends, what can I say, we have some very big news events that can have a strong effect on the S&P 500, oil (CL), as well as other markets. There’s an upcoming OPEC meeting coming as well as the interest rate meeting that we just had in Jackson Hole Wyoming with the queen of “rates” herself, Janet Yellen. Last week US index futures were slated to open lower due to the expectations of what Janet Yellen had to say. Another huge news event is the upcoming OPEC meeting that is being held in Algeria on September 26th, 2016….who knows what market price action will develop from these two, very important meetings?
The fact is that investors are looking to the “FED” to see if it provides an indication that interest rates will indeed rise…. will it happen…. who knows, they’ve been talking about this happening for the past few years and it never seems to materialize. According to CNBC, “The markets currently have March scheduled in for the next rate hike and if Yellen is seriously determined to move earlier, she needs to take advantage of Friday’s opportunity to drive the message home”. Regardless of what was said, Vice Chairman Stanley Fisher said just this last Sunday on August 21st, 2016 that “the Fed is close to hitting its job and inflation targets”.
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