As you may have heard the Fed will decide whether to get off the zero bound this week, or not.
The economy does not call for it. This nonsense about a 'tight labor market' is mainstream media baloney, with the Labor Participation Rate so low, and wage growth stagnant.
No the Fed wants to raise rates as I have said to give themselves some policy room to deal with this latest financial paper assets bubble which they have helped to create, both by commission and omission.
They will most likely raise at either the September meeting this week, or at one of the two occasions they will have before year end.
I suspect strongly that they would like to do two 25 basis points raises before next fall's presidential elections.
The Fed fears the stock and bond markets. That is the only thing that would keep them on the sidelines.
And this is another strong indication of our the financialisation of the economy has co-opted common sense and a regard for the well-being of the public at larger, rather than the financially dependent one percent.
The broader stocks in the SP look like a 50-50 bet, but the NDX is in a formation that is more bullish 'if it works.'
Have a pleasant evening.