Markets are mixed to down this morning after a drop on Tuesday. It seems that the market, which has been shrugging off warnings of the Covid variant, slowing growth, lower retail sales and potential Fed tapering may have hit home with investors that the market may not go up every day.
Today we will get some of the inside Fed scoop when the Fed minutes are published at 2 PM eastern. While the information is three weeks old, it may provide insight into the direction that the Fed may take in the future. During a speech that Powell gave yesterday, he shared that while the Fed is a powerful central bank and has access to powerful tools, those tools have limitations. Hmm… that does not provide much confidence for what has been a very confident Fed chair over the past year. I must stay that Powell has done a phenomenal job propping up markets, but there is a limit for what even J Powell can do.
The market needs a rest and we may get it over the next several weeks. So be sure to get your shopping list ready.
Founder | SimpleOptionStrategies.com
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