THE OPEN

After over 2,500 Dow points in 9 days, markets are bouncing this morning. This is being helped by announced buybacks…BOEING (BA) announced a humongous additional buyback.

The Fed is tomorrow. We expect the Fed to either raise 1 more time and talk very easy or not raise rates and surprise the masses, claiming their dependent data has worsened. There will be no more talk of further hikes and expect them to also say they have weapons if need be. Yes…actually lowering rates. During the past 10 years of easy money, all pivots to easier money have helped markets and to be clear, the Fed is watching markets.

The oversold bounce looks to be at hand. How long and how far? Not a clue. The tape is a mess though and the only thing markets have going for them is they atre stretched and extended to the downside with a big dose of bearishness now in play.