Major averages finished close to flat yesterday on mixed volume. They once again closed near their intraday highs which suggests support despite the quiet tip-toe fashion of recent days. Leading stocks are overall relatively quiet. Crude oil futures are trading lower as API data shows supply surging. The bottom that was put in a few weeks ago may be retested in the weeks ahead. Analysts speculated on oil going to new multi-year lows.
Yesterday's release of the most recent Fed meeting minutes revealed that a strong majority of members believe that the Fed can continue to soft-pedal on future interest rate increases. Thus the story remains the same Orwellian line that the U.S. economy is so "strong" that the Fed needs to keep interest rates near zero indefinitely. For now it is simply a matter of watching the action of individual stocks, as some strong profit opportunities (e.g., CYBR) have emerged over the past 1-2 weeks.
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