Craig Johnson’s

Financial Markets Summary

Thursday, August 17, 2017

  • The Federal Reserve Open Market Committee (FOMC) minutes were released from their July 25-26 meeting. There was something in the minutes for bulls and bears on fixed income with some FOMC participants worried about too-low inflation and cautioning on more interest rate hikes. Other participants are supportive of Federal Reserve Chairwoman Yellen’s stance and are ready to hike again in September and begin paring the balance sheet.
  • Oil rallied early yesterday on reduced inventory numbers, but declined for the remainder of the day pushing oil prices down to levels last seen in July.
  • Corn reached new lows each day this week, moving down to the low levels reached in August of last year.
  • Wheat extended its weekly string of losses to six and is now trading at the lowest levels in at least six years. Soybeans are equally weak, but have managed to stay above recent lows.
  • The stock market bounced nicely so far this week, but still isn’t out of danger. One positive development for the general market environment is that the leadership in the current advance moved back to technology, especially semiconductors. Another change is how quickly sentiment levels went back to showing a level of fear with the minor consolidation that took place.
  • The short term trend remains lower for the stock market, while the intermediate and long term trends are higher.

 


Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's BusinessDaily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases.
 
Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

 

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