With the Fed meeting coming up, I’m not going to step in front of that with a daily pick.
The market has never been this divided by the Fed. And actually I’ve never seen the market fight the Fed so much.
Instead of the bond vigilantes we had in the 80’s and 90’s forcing the Fed’s hand into rate hikes, now we’ve got stock market vigilantes forcing the Fed’s hand into easing policies.
We’ll see which way that goes.
There has definitely been some weakness in some of the latest data — housing prices showed a significant decline in November. Business confidence — in Chicago in particular — was weaker.
And we’re seeing that across the board in other regional surveys — weaker business sentiment kind of signaling recession.
On the other hand, consumer confidence came back in very strong. They’re borrowing money and spending it and that always makes consumers feel good.
No pick today, but if you’re a member, I’ll send out an email after the Fed decision if I see something that looks good.
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