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The calendar has little important data. Friday’s sharp selling was widely attributed to the fear of a Fed rate hike in September. Is it time? Should we fear the Fed?Last WeekThere was not much news, and it was another mixed picture.Theme RecapIn my last WTWA, I predicted a continuing discussion of the Fed and the timing of the first rate increase, combined with concern over a September market correction. The first part was pretty accurate all week, but the market remained quiet. The modest trading range ended spectacularly on Friday., The “C” word is now on the lips of many.The Story in One ChartI always start my personal review of the week by looking at thisgreat chart from Doug Short. The overall range, once again, is very narrow. Doug’s take is that Friday was all about the Fed. He writes as follows:Today’s action essentially confirms the metaphor of an equity market infant nursing on mother Fed’s breast. The selloff was triggered initially by hawkish remarks by the normally dovish Boston Fed President Eric Rosengren, a voting member of the FOMC. But more surprising was the announcement of an unannounced speech by even more dovish Lael Brainard at the open of the FOMC week, which runs counter to the general policy a silent Fed prior to the FOMC meeting end.As you will see in today’s “Final Thought,” I have a very different interpretation, still consistent with the data.Doug has a special knack for pulling together all of the relevant information. His charts save more than a thousand words! Read his entire post where he adds analysis and several other charts providing long-term perspective.SPX Chart:A Two-Question Quiz
