Changes in Attitudes

It’s those changes in latitudes,
changes in attitudes nothing remains quite the same.
With all of our running and all of our cunning,
If we couldn’t laugh, we would all go insane.
~Jimmy Buffett

As expected, yesterday’s Fed minutes disappointed and the market was none too pleased. Turns out the Fed isn’t quite as optimistic as the market; or, maybe they just feel like they’ve done enough in driving stocks back to their February highs.

ES came within a few points of our initial downside target before beginning its obligatory bounce.

With initial and continuing jobless claims coming in higher than expected and Philadelphia Fed coming in below expectations, the futures are under additional pressure and should test important support.

Should that support fail, our six-month forecast becomes more ominous.

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