Now It’s the Dog Days of Indian Summer

by Rick Ackerman

It’s starting to feel like August all over again, with the broad averages spasming gratuitously, unable to hold onto gains but equally unable to sell off for more than a day or two. Is it possible that the only event capable of pushing stocks into a trend is yet more meaningless drivel from the Fed’s clown-in-chief?

Her latest semiotics would have us infer that tightening is all but certain by year’s end, so let me say this for the umpteenth time: Any real tightening — meaning more than a token 25 basis points once in a blue moon, and even then not to exceed 50 basis points cumulatively — is about as likely as a Martian invasion.

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