I had not planned to publish today, however Bloomberg Radio invited me as a guest on the Bloomberg Advantage Show with Pimm Fox and Cory Johnson, today at 10:30 AM, EDST; so I wanted to give my readers a heads up. You can tune in on WBBR 1130AM New York, Bloomberg 1200AM and 94.5FM-HD2 Boston, Bloomberg 960 AM and 103.7 FM-HD2 in the San Francisco Bay Area, WDCH 99.1FM and WJZ 105.7FM-HD2 in the Washington D.C. Metro region, Sirius/XM channel 119 and at the Bloomberg Radio Website http://www.bloomberg.com/audio
So with that out of the way, let’s get back to business. The FOMC minutes were released yesterday. It appears that the monetarists were split as to what action to take and when. However, there appears to be a somewhat hawkish leaning opinion that perhaps, without certainty, that a rate hike could come about at its next meeting in September. Making any sort of bet as to whether the FOMC will or will not take action is a fool’s errand. I would add that interest rate sensitive stocks were getting sold prior to the release of the minutes and rallied after the event. The rest of the market put in another wishy-washy dull session.
Today the weekly unemployment claims will be released. Again, I am not expecting any market moving numbers to be released. The Philly Fed and the LEI (Leading Economic Indicators) will also be released. All told, you will need massive amounts of caffeine to make it through the day. That is except for my Bloomberg Radio appearance.
Tomorrow is an August Friday. Normally, I would expect a quiet session. However, being that it is also monthly options expiration, there could be some volatility in a volume starved summer session. If there is, then any impact will likely be reversed come Monday.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView AssetManagement, LLC held no positions in stocks mentioned; although positions can change at any time.
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