Morning Update: August 21, 2014

1-855-RWT-0008

Keep in mind the following:

Prepared by the good people at Random Walk, LLC.

Historically September is the ONLY month (since 1950) that is down for the year (on average). People are so afraid of October crashes that they sell in September. This creates a high volatility environment. Yehaw!

Great Morning

Closing Prices From Yesterday

Today’s Number(s)

Yesterday and Today

Yesterday

The Dow closed within 21 points of 17,000. The SPX closed 1,986.51. The previous high was 1.68 points higher on July 24^th.

The Fed released its minutes from the last meeting and it barely affected the market. The markets did have some moderate gains going into the report, puled back for a few minutes and then went right back up. The Fed essentially said that rates could rise sooner than expected since inflation is right where they want it, jobs are improving and QE is ending on pave (October). That tone, what the media calls “hawkish” was enough to watch the market go slightly negative before it bounced right back.

All in all…a very quiet day considering the SPX went from <1909 to 1986 in 9 days.

TODAY

We have numbers out today that are rather significant. And given how we are a smidgeon away from all time highs in the SPX I would NORMALLY say “new highs today”. The only thing that I am hesitant about is the long string of continuous up days without a pullback.

The one bright spot is that we are getting people coming out of the woodwork starting to make some outlandish claims such as Dow 19,000 by next year. Another individual stated that stocks are not going higher because of a bubble, rather it is “asset price inflation”. I am not sure what that really means, and how it is different than a bubble. Is it a bubble that doesn’t have to pop because the word “asset” is included?

As much as the market was slightly surprised yesterday by the tone of the Fed minutes, analysts immediately started to paint the “good cop – bad cop picture” claiming Yellen will be more careful and controlled in her statements on Friday at the economic pow-wow. The run up in the markets after a brief drop certainly would indicate that the markets agreed. So tomorrow better be Yellen’s best speech yet or we could have some mayhem.

POT is held each Wednesday night at 7:00pm eastern.

Contract the office at 1- 855 – RWT – 0008 for more details.

Class is closed…..Still a couple of seats left for the ONLINE CLASS from home.

Attorney Stuff

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Trading is almost as much fun as black jack in Vegas, but without all the annoying distractions of free drinks, Broadway shows, gorgeous people with low morals, and free buffets. It also has about the same odds of success, so when you lose all your money you wont have to walk past a smiling pit boss. Even Bruce Wayne lost everything with options in The Dark Knight Rises, and Superman keeps his day job at the DailyPlanet newspaper.

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