UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Sept. 22 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Oct. 1 @ 8:30 am ET - Core PCE Price Index m/m Data
* Fri. Oct. 8 @ 8:30 am ET - Employment Data
* Wed. Oct. 13 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Wed. Oct. 13 @ 2:00 pm ET - FOMC Meeting Minutes
* Thurs. Oct. 14 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Fri. Oct. 15 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Wednesday, August 22, 2012
What's Really Changed?
One year has passed, and the SPX has gone from a low of 1074.77 on October 4, 2011 to a high of 1426.68 yesterday (Tuesday), as shown on the Daily chart below. A double top has formed at major resistance.
The credit rating has not been upgraded. The Fed also downgraded the economic outlook at their meeting on August 9, 2011, as mentioned in my post of August 9th. The Fed remains committed to holding long term interest rates low for the foreseeable future. Europe's economic condition has weakened. The global economies have slowed. And, finally, the U.S. National Debt continues to rise (unabated) to all-time highs each second. The Fiscal Cliff looms.
Who is convinced that economic and fiscal conditions have improved since then? The only ones, so far, have been the buyers above the yellow arrows. No doubt they will begin to take profits at current levels and re-think their positions after the next FOMC meeting in September. A drop and hold below June's lows of this year would confirm that their sentiment has changed.