“I think there is a high bar right now to not acting, speaking for myself. It will take a significant deterioration in the economic picture for me to be disinclined to move ahead.”
Dennis Lockhart, Atlanta Fed President, 4 August 2015
This statement and the continuing decline in AAPL today were the primary movers in the market.
Apple (AAPL) cracked its 200 DMA and closed below it, for the first time in a very long while. This has technical market watchers spooked.
And in this highly narrowed market with just a few of the big tech fliers pulling the rally behind them, the potential for further declines in a behemoth like Apple has traders a little worried.
Let's see if Apple confirms this by continuing to close below the 200 DMA and can go out on the week, and then it might be a serious decline underway.
As for Lockhart, he is Yellen's buddy, and is continuing to give her cover for a rate increase that has nothing to do with the real economy, as I have said here many times. The Fed wants to pull the trigger before we get closer to the election because they do not want to provide a topic for the debates.
This market is dodgy.
Have a pleasant evening.
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