Major averages managed to claw their way back into positive territory yesterday, finishing near the top of their trading ranges, but on lower volume. Some of the strength was due to German Chancellor Angela Merkel saying there would be a Greek deal by Thursday. The risk-on Russell 2000 index is the closest to hitting new highs as it stands just 0.66% away from all-time highs.
The Fed concludes its two-day meeting today at 2pm EDT. The CME Group FedWatch shows futures traders pricing in a 0% probability of a rate hike Wednesday, a 5% chance at the July meeting, a 26% chance at the September meeting, and a 46% chance at the October meeting. Nevertheless, should the economy lack vital signs, the 46% chance at the October meeting would naturally diminish substantially.
Cloud-based human capital management software company Paycom Software (PAYC) had a pocket pivot yesterday. Earnings are soaring, sales are strongly accelerating, ROE 24%, group rank 36.
Website hosting company GoDaddy.com (GDDY) had a pocket pivot. Earnings are still negative and expected to stay negative for several more quarters, though the company is the leader in its space. Group rank 28.
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