• One piece of positive economic news ISM Non-Manufacturing Index for July surged to 60.3 – highest number in 10 years
  • The ADP Employment Report came in at 185,000 jobs, well below the consensus
  • June Trade Deficit rose 7.1% – in line with expectations
  • June Layoffs rose to 105,696 biggest layoff number in 6 years
  • Consumer Comfort Index down to 40.3 second lowest number since November
  • The Atlanta Fed dropped a bombshell forecasting Q3 at just 1%
  • Given this slowdown, could we possibly have a rate hike?
  • The stock market has had 6 consecutive down days
  • The stocks with no earnings are doing the best
  • Very reminiscent of the dot com era
  • The “story stocks” are selling in 2015
  • Companies that actually have earnings are experiencing the greatest pressure on their share price
  • Every time we have a dip in the stock market, the Fed always comes to the rescue
  • Why wait until the economy is slowing down to raise rates?
  • They can’t do that this time, unless they want to abandon their rate hike rhetoric
  • They will have to take the rate hikes off the table
  • Janet Yellen continues to say rate hikes are data dependent
  • The data has been bad for quite a while
  • The economy is growing at the slowest pace of the entire “recovery”
  • All the Fed can do is go back to the drawing board with more QE, because they can’t admit that it never worked
  • The money printing is just getting started
  • Not that it is going to work, but it is the only policy remedy the Fed has
  • Some stocks are really getting beaten up as earnings continue to disappoint
  • This topping pattern has got to worry the Fed
  • Any rate hike will accelerate the decline
  • We have a stock market bubble and raising rates will prick that bubble
  • Ben Bernanke created the stock market bubble thinking the “wealth effect” would cure the economy
  • Bernanke would not acknowledge that bubbles weaken the economy because it was not politically advantageous
  • The First Republican Debate was held tonight, so please follow me on Twitter for my comments
  • Donald Trump is far and away the leader in the polls and he is one of the few candidates who have been critical of the Fed
  • The only other candidate in the race who knows anything about the Fed is Rand Paul
  • Tomorrow could be a big day – the question is, if we get a bad jobs number, will we finally have a reaction in the currency markets?