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MLR - PMP 11/20/14

Major averages fell yesterday on mixed volume while the Federal Reserve released minutes from its Oct 28-29 meeting. Investors were looking for dissent in keeping the language "considerable time" in the text which would have signaled a rate hike sooner than later. Investors were also looking for greater concern on the part of Fed members about a persistently low inflation rate. Instead, investors got nothing definitive which explained the non-committal move in the markets after the minutes were released at 2pm EST.

European stocks are trading lower after a batch of weak economic indicators from Europe and China, with manufacturing in Germany and factory activity China both coming in below expectations. The U.S. will report today on manufacturing, consumer prices and existing-home sales. Weak economic activity in the U.S. is seen as a reason for keeping rates low for a "considerable time" which is QE-bullish for markets. U.S. futures are currently down around -0.4% at the time of this writing.

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