evening wrap, September 16

September 16…)

“In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing." Theodore Roosevelt (would have been a perfect Fed Governor).

Tuesday was a day of indecision for many with risk to keep or cut. I bought some puts, probably a waste, but insurance does come in handy when its a sure thing.

S&P, NDX, and gold made new all-time highs; silver improved on yesterday’s 4-year high; other metals eased a few ticks. The dollar was notably weak vs. Euro and Yen. Canada, Australia, and GBP were decidedly higher as well. Bitcoin rose moderately in harmony with general flows. Oil rose > a dollar/barrel on reports Ukrainian strikes on Russian oil fields and even some pipelines may cause Russia to cut production

Stephan Miran was confirmed, and Lisa Cook will remain on the FOMC until she is charged with a crime. I can’t imagine anything upsetting will happen tomorrow, either in the statement or the press conference. There’s so much leverage in the stock market, the debate might be lively for .50, but unanimity for a .25 cut would be best for stocks.

In the markets

A deeper look at oil this evening and a DXY chart with comments plus an objective view of the Fed’s mandate (or not) in the vibe.