Required Reading Of The Day

Dynamic Airways jet engine fire leaves several injured, closes Fla. airport

Newly elected speaker Ryan promises to fix ‘broken’ House

U.S., China agree to stick to protocols

Video shows Pakistan landslide after earthquake

Military investigates cause for runaway blimp

The Lemmings still believing!

“Fed keeps December hike in play!”

“Fed hints December hike is in play after all!”

“Officials stand pat on the rates but tone down global market worries!”

After months and months of teasing, amazingly pundits are still taking the bait that the Fed is going to raise rates. How many more times will they fall for this?

Bottom line, another month of teasing. All one has to read is what we have been saying forever. “The fed will never raise rates until markets force them to!”

Bottom line, markets continue to love 0% interest rates, markets continue to love the printing of money and markets continue to love negative interest rates. China continues to print in order to buy stocks. Japan continues to print in order to buy stocks and  Europe now announces an extension of printing money as well as an expansion. To throw the cherry on tops, little did we know that Sweden was printing money and now announces an expansion.

The best news about Wednesday is that the under-performing Russell and mid caps had a fabulous day. This action started right out of the box. On top of that, the underperforming financials romped off of the continued 0% interest rate policy.
Short term, markets continue to be stretched to the upside and overbought but so far that condition hasn’t mattered.  Markets continue to trace out a 1998-type pattern. We gave that very little chance of happening…thus the reason we don’t predict. Let’s hope it continues

Dollar Rises After Fed Meeting @FoxBusiness

Sweet News: Chocolate Sales To Hit $26 Billion By 2018 @FoxBusiness

Required Reading Of The Day

Pentagon wanted faster action in South China Sea

Three migrants drown, Greek coastguard rescues 242 others as boat sinks

Officer fired for throwing student in South Carolina classroom arrest

Republicans pick Ryan for House speaker before budget vote

Protesters bring Johannesburg to standstill