Skip to comments.Wall Street Awaits Direction
Posted on 07/07/2014 6:02:18 AM PDT by Citizen Zed
The overbought levels of the markets could force traders to stay on the sidelines or take profits of recent gains, especially ahead of the unfolding of the second quarter reporting season and some Fed speeches scheduled for the week.
On the economic front, after a strong jobs report released last week underlined the strength of the U.S. economy, we move into a week that is fairly light both in terms of numbers and importance of data. Nevertheless, traders are likely to focus on a slew of Fed speeches scheduled for the day and the minutes of the June FOMC meeting. These are likely to provide additional insights into the Fed's thinking on how the economy is evolving and the appropriate monetary policy stance.
The weekly jobless claims report, the Commerce Department report on wholesale inventories for May, the Federal Reserve's consumer credit report for May, the results of the Treasury auctions of 3-year and 10-year notes and 30-year bonds and the Treasury Budget for June round up the economic events of the week.
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If the unemployment rate hits 6% (yes I know it’s fake) we should demand that food stamps and unemployment insurance be cut back, after all, the recession is over, right?
Can someone explain to me how the market reflects the real earnings of public companies past present or future?
It doesn’t, it used to but now it’s an emotional response. Somewhere along the line the market got totally disengaged from reality.