The Gilmo Report

July 26, 2017

July 26, 2017

The Fed had no surprises for the market today, keeping rates steady and then issuing the usual central-planning hubris about “stimulus,” “accommodation,” and “guiding economies toward optimal levels of inflation and full employment.” I always feel that they should add in the line from that well-known TV commercial, “So easy even a cave-man (or woman) can do it!”

Following the Fed announcement, the NASDAQ Composite Index held up well enough to post its 14th up day out of 15 days in a row. It was also its 44th record close of the year. Today’s action, however, has the look of narrow-ranged churning at the highs on higher volume. Note that yesterday’s action also showed churning on higher volume. The past two days also show the highest volume in the upside streak. So, a pullback here would not be surprising, frankly.



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