Reply #31: adding blather [View All]

[UpInArms]

9:45AM: Equity market starts on a lackluster note following nine days of gains for the S&P 500... Traders have taken profits from the broader market's move to new yearly highs last week, particularly as the Fed will be meeting on Wednesday... Expectations are nearly 100% the FOMC will raise by 25 basis points, to 2.0%, but now the market anticipates an additional rate hike in December... The 337K gain in October nonfarm payrolls has heightened those expectations, and served as a slight impediment to buying this morning...

Despite these overhangs, selling pressure has not been broad-based or pronounced, and concentrated instead in the financial and energy shares...