MLR - PMP 8/21/14

Published : August 21 2014 at 11:40 ET

Major averages finished mixed on lower volume. The Federal Reserve meeting minutes gave no indication of when the Fed will start to raise rates. U.S. central bankers say the labor market is improving faster than expected, but the majority of top Federal Reserve officials are still not convinced it's strong enough to give indication on when they will start to hike interest rates. Most analysts assume mid-2015 but Bill Gross, portfolio manager of the world's largest bond fund with an impressive track record, thinks it will be more like mid-2016. But his projection could change to even further out should economic conditions continue to lag.

In the meantime, the long term trend helped along by QE continues higher. Keep your stops tight on stocks as any small correction in the major indices usually results in leading stocks falling harder.

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