Reminder: This will be the last week of nightly recaps as we move to a weekly (Sunday night) format, and roll out monthly reviews of other financial websites across the interwebs.
Indexes opened up with slight gains but that didn’t last too long as sellers came into the market very quickly. We might finally be starting to see “some” volatility return to this very calm market, and a day when indexes open up and close firmly in the red has been pretty rare the past 4-5 weeks. Now we can all sit and wait for Janet Yellen to make a vague reference to another rate hike in our lifetime Friday, and then wring our hands about it.
“That’s the number 1 thing markets are going to be focused on,” said Matt Tuttle, chief investment officer at Tuttle Tactical Management, referring to Janet Yellen’s speech. “I don’t think anyone has too much conviction ahead of that speech.”
“We’ve been in a very tight range and the VIX is low … and that signals complacency,” said Jeff Kravetz, regional investment strategist at the Private Client Reserve at U.S. Bank.
July sales of existing homes fell 3.2% to a seasonally adjusted annual rate of 5.39 million, the National Association of Realtors said Wednesday. That was lower than the 5.48 million pace that economists had forecast and 1.6% lower than a year ago. New home sales data, released Tuesday, reached their highest level in almost nine years.
Are these charts signaling a recession is headed our way?Continue reading