Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

Copyright Notice

Everything that appears on this blog is the copyrighted property of somebody. Often, but not always, that somebody is me. For things that are not mine, I either have obtained permission, or claim fair use. Feel free to quote me, but attribute, please. My photos and poetry are dear to my heart, and may not be used without permission. Ditto, my other intellectual property, such as charts and graphs. I'm probably willing to share. Let's talk. Violators will be damned for all eternity to the circle of hell populated by Rosanne Barr, Mrs Miller [look her up], and trombonists who are unable play in tune. You cannot possibly imagine the agony. If you have a question, email me: jazzbumpa@gmail.com. I'll answer when I feel like it. Cheers!

Monday, September 19, 2022

Taking Stock - Sept 20, 2022

The Indexes stayed close to the neutral point for most of the day, then turned up before 3:00. The SP 500 finished at 3899.99,, less than a point below the late day hi, for a gain of 26.66 [0.69%.]
This week the Fed will have a two day meeting to set policy. Another rate increase of 0.75% or more is expected. This is not surprising, since, as I pointed out on Sept 1, the Fed is far behind the market-set 3 month T-Bill rate. [Link below]
There is no surprise here, so It could be that the anticipated increase is already baked into the market's reaction - if that even matters.
Meanwhile, the Index is hovering near the last reasonable retracement level from the 8/16 hi, coincidentally located in the midst of a broad support/resistance range between 3700 and 3900.
For what it's worth, the day's hi and lo were both marginally above those of Friday's session. You find whatever positives you can.



1 comment:

Anonymous said...
This comment has been removed by a blog administrator.