Who says nothing interesting happens in late August? The
Nasdaq was closed for more than three hours yesterday due to a
technical snafu -- meaning traders on the tech-heavy index were
relegated to their beach towels while market officials drained
the pool. Meanwhile, the NYSE was still open for business, and
nothing much seemed to happen of consequence as a result… so,
actually, I retract my earlier statement.
OK, so how's Jackson Hole shaping up? Still nothing definitive
on the QE front, which I suppose subscribes to the "no news is
good news" adage for the markets; QE tapering is coming
eventually, everyone pretty much understands, but we don't look
to be taking our medicine anytime soon.
Most Fed meeting headlines this morning are revolving around
whether Ben Bernanke -- a no-show at Jackson Hole, adding to the
absolutely riveting excitement of this past week -- will be
replaced by potentially headstrong Vice Chair Janet Yellen or
presumably more malleable Larry Summers. But don't expect a
decision on this front today, either. Time for another cup of
) reported after he close Thursday and provided an earnings beat
on exceptional year-over-year growth, but guided lower for fiscal
) beat expectations this morning while
) missed Zacks consensus expectations on the bottom-line, helping
flesh out another lukewarm Retail industry earnings season.
I think the next time I'm charged with covering Ahead of the
Market in the fourth week of August, I'm going to write it in
novel form and call it "50 Shades of Beige."
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