Market Direction Mid Week Update

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Yesterday we posted that investors should consider taking profits. The stock market again is trading choppy and trending lower. Currently, there is a lot of uncertainty and there is no definitive trend you can trust.

This morning before the stock market opened another post was made suggesting a put option position investors should consider making. If you are interested in this put option opportunity purchase the eBook and it will describe for you how to take the current put position. Now let’s look at the stock market today.

The Dow Jones industrial average and S&P 500 posted their first five-day losing streak since the one ending Feb. 11. "I don't think this was a good day at all for Fed credibility and it wasn't a good day at all for them generating confidence for monetary policy," said Ward McCarthy, chief financial economist at Jefferies. "The impression they create is that monetary policy is just a drift. It's not clear it's being driven by the dual mandate and the decision-making is just knee-jerk."

The Federal Reserve kept rates unchanged at its June meeting. Six members projected only one hike this year, although the median expectation remained two hikes this year. 

The Fed's "been so consistently wrong on where fed funds will be," said Lee Ferridge, head of macro strategy, North America at State Street.

"The market's been consistently below the dots and the market's been right," he said. 

Stocks initially held higher throughout Yellen's comments and the Fed statement. Traders attributed the late-session decline in stocks to concerns about Fed credibility and post-settle declines in oil prices to May 19 lows, amid focus on the Brexit vote. 

"I do think the Fed changes their tone a little too quickly on data," said Eric Stein, co-director of global fixed income at Eaton Vance Management. 

Given the surprising miss on the May jobs report and Brexit, analysts generally did not expect the Fed to raise rates but were watching for clues on the likelihood of a July hike. 

"It feels as though 2016 may be like 2015 where you have one and done," said Art Hogan, chief market strategist at Wunderlich Securities. "It feels like they walked back a little bit."

"We are more concerned about Brexit now than we were about the Fed," he said.

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The all-time subscribe since our initial recommendation to go sign-up and subscribe this market. Here is how the markets have performed:  

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