Not Much to Lean On

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The market initially sold off fairly hard after Chairman Bernanke’s remarks from Jackson Hole were released this morning. Since then, we look to be bouncing and flopping around a bit. From my vantage point, the more of these events that we get out of the way, the better. There is too much dependency going on in the markets, with traders looking for the Fed or branches of federal government to help them out when there are bumps in the road.

Policy aside, the S&P 500 is once again coming to terms with 1150, a multi-year key area. The “fear trade” of gold, Treasuries, and volatility are all in the green this morning, which means I am backing off the action until further notice, as the randomness of the price swings increases dramatically.