Major averages finished roughly flat yesterday on lower volume ahead of the central bank policy meetings scheduled this week. These include policy announcements fro the Bank of Japan, Bank of England, Swiss National Bank, and Federal Reserve which concludes its 2-day meeting this Wednesday.
Naturally, the Fed will try to double-talk the markets higher, thus the uptrend could very well continue. They are not expected to hike rates at this meeting. CME FedWatch futures puts the odds at 27%. Further, given the global economic woes, they may have to postpone any rate hikes until 2017, let alone switching gears and pushing rates negative. Our own view is that the Fed will indeed stand pat.
Futures are currently lower as oil is off almost 3% or $36.20 a barrel.
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