Greetings and Welcome to this Weekend’s Top Down Review.

The week was relatively flat into Friday’s fed speech at Jackson Hole. Of course Janet was here usual Dovish self suggesting we may or may not have rate increases in the future but basically reassuring the audience that rates would remain low for foreseeable future. This led to a nice rally. Of course, once we thought we were in rally mode, another talking Fed, Fischer came out hawkish including not ruling out a SEPT hike.

Of course we all knew this would happen. Low likelihood of a raise but high likelihood that the Fed would confuse us into thinking a hike was imminent.

As we start another week one has to wonder whether this is the week we breakout or breakdown of this prolonged period of volatility. The 50 Day SMA beckons below most of the major moving averages, each of which has new PERSON Sell signals. Or will the market fool us again and jump to higher highs.

Please join me on my Top Down Review.

Jeffrey

hgsidoc@gmail.com