Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened flattish again this morning ahead of the Fed policy statement and press conference. President Trump addressed the United Nations General Assembly yesterday with a very bold speech. Some people liked it. Some didn’t. He was very critical of North Korea’s leader. He set expectations for military action along the Korean Peninsula. A response is very likely. Hurricane Maria made landfall over Puerto Rico with category 4 winds. It is next expected to hit Florida. A horrific earthquake near Mexico City killed over 200 people. That is the 2nd earthquake in 2 weeks in Mexico. Mother Nature has been active and angry of late. Crude is back above $40. With all of these things going on and a Market that has become rather expensive, you’d think we’d be in the midst of a pretty healthy sell-off, right? Nope. All 3 major indexes are at all-time highs. The DOW made it 8 up days in a row and 16 of the last 21. Like a beach ball under water, this Market just won’t stay down. The VIX can’t stay up. Interest rates are ticking lower in early trading. The yield curve has flattened a bit. We will learn more at 11a.
Have a great morning,