Thus far, we following the annual Fed summit at Jackson Hole
have been devoid of any red meat. In times when there's very
little on the economic menu these days, it can be downright
Basically, according to the minutes released from yesterday,
Fed members are mixed on when to enact a policy of tapering $85B
in monthly asset buybacks. Some say a new policy should be put in
place right away, while others think the Fed should be patient.
Great, just what we were looking for -- a nebulous read on a
complex topic. Not exactly the things screaming headlines are
T.G.I.T. -- Thank God It's Thursday, when Initial Jobless
Claims come out. We see this morning that we remain solidly below
350K new claims -- in fact, the 4-week moving average hovers
around 330K, meaning another down-leg to 325K may be in the
offing down the road apiece if economic improvements continue on
pace. And this is after moderate upward revisions from the last
couple weeks from their initial reads -- things still look pretty
decent on the jobless claims front, especially considering the
past dire couple of years.
All of this is to say there doesn't seem to be much of a
catalyst to shake the downward drift in the markets of the past
) missing yesterday does little to quell the negative PC market
Abercrombie & Fitch
) missing earnings estimates haven't exactly helped the Retail
industry this earnings season.
So let's just be satisfied to tread water in the near term, at
least until they close the pool for the summer.
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