The reaction to the FOMC minutes turned out to be another one-day misdirection, which came as no surprise to me. After a very tumultuous week in the markets and a busy schedule after hours this week, I am ready for a quiet trading day and restful weekend.
There are no economic events on today’s calendar. There are several earnings releases from consumer discretionary retailers this morning, such as ANN Inc (ANN) (owner of Ann Taylor and Loft stores). Foot Locker (FL), Hibbett Sports (HIBB) and PetSmart (PETM). I have an investment interest in PetSmart for which I am anxious to add on any meaningful / opportunistic pullback, say to the low 70s. My 2014 price target for PetSmart is $90, a 20% increase from last night’s close.
Despite being in store for a quiet session, I put a 50/50 chance on an S&P 500 (SPX) close above 1,800 by today’s closing bell. The SPX closed at 1,795.85 yesterday.
At LakeView Asset Management we have been busy redeveloping our website. We hope to launch that redesigned website by December 1.
When we do, I will let you know. When that occurs, My Gut Feeling For Today will originate from the all new LakeView Asset Management website.