Poland & Brazil bits
8am ET SEVERAL POLISH C.BANKERS SAY COULD BE JUSTIFIED TO CONSIDER RATE HIKE COMING QTRS - MINUTES.
BRAZIL JUL JOBLESS + TO 7.5% FCAST 7.05%
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Leavitt Brothers analysis
The dollar is down. Oil is down, copper is up. Gold and silver are up. Bonds are mostly up.
Yesterday the Fed released the minutes from the last FOMC meeting. They were dovish. The market quickly surged but then gave everything back and now premarket futures levels point towards an open below yesterday’s low. The roller coaster continues…the internals continue to point down…and now the indexes are having a hard time sustaining a move up. Over the summer the market was constantly able to match or exceed its previous highs; now it hasn’t come close to matching its high in about a month. My bias remains to the downside. This has been my stance for a while – that rallies would continue to get sold until the internals improve, which they have a little but not enough to support a full-blown leg up.
But beneath the surface individual stocks are not holding up as well. If the market is simply in a holding pattern, why are so many stocks dropping to new lows while so few are rallying to new highs?
Anything goes day to day, but until the internals improve, my bias will remain to the downside. More after the open.
Stock headlines from barchart.com…
Union Pacific (UNP -0.67%) was downgraded to ‘Neutral’ from ‘Outperform’ at Macquarie.
Disney (DIS -0.46%) and Time Warner (TWX -1.51%) were both downgraded to ‘Market Perform’ from ‘Outperform’ at Bernstein.
The greatest deception men suffer is from their own opinions.
~ Leonardo da Vinci
