Equities are up slightly ahead of Wednesday’s important FOMC rate decision.

continued for members…

We are seeing a great deal of uncertainty at this point as to whether the Fed will deliver a 25 or 50 bps cut. The economy is clearly slowing, and we still expect CPI to dip a bit  more before rising again in November.

EURUSD is still supporting higher equities prices, somewhat offsetting yen strength.

Oil and gas are getting a boost this morning.

And, the 10Y is taking notice.

It seems as though we’re likely to pull back a bit yet again in order to postpone the next leg up to the SPX 5727 target in late October or early November.

Stay tuned.