Clues Ahead of the Fed Announcement

When the Chairlady of the Federal Reserve last spoke about a week ago, the focus was on her account and analysis of the surprisingly weak labor market data that had just been reported for May. Chair Yellen addressed the issue diplomatically, and seemed to believe like me that the May result will prove to be an aberration, especially given recent jobless claims indications. Chair Yellen also addressed broader economic and international signals investors could look to in order to understand how the Fed perceives matters, and she hedged quite a bit. In conclusion, while June remains a live meeting, given the fear injected into financial markets since then by George Soros’ impactful warning, by intensified Brexit risk, by the terrorist attack in Orlando, and by today’s soft productivity data, not to mention the overwhelming expectations of the market for another pause in rate actions, a hike in June would seem highly unlikely. However, the Fed’s economic projections and its press conference are very likely to direct market attention to July and still very active Fed monetary policy normalization (tightening) this year. For my advice on how to handle today's Fed meeting, progress to The Fed Chairlady's Subtle Clues & How to Play This.

Security Sector	06-15-16 Early Indication
SPDR S&P 500 (NYSE: SPY)	+0.2%
SPDR Dow Jones (NYSE: DIA)	+0.2%
PowerShares QQQ (Nasdaq: QQQ)	+0.2%
iShares Russell 2000 (NYSE: IWM)	+0.3%
Vanguard Total Stock Market (NYSE: VTI)	+0.1%
Financial Select Sector SPDR (NYSE: XLF)	+0.3%
Technology Select Sector SPDR (Nasdaq: XLK)	+0.1%
Energy Select Sector SPDR (NYSE: XLE)	-0.5%
Health Care Select Sector SPDR (NYSE: XLV)	+0.3%
Consumer Discretionary Select Sector SPDR (NYSE:  XLY)	-0.1%
Consumer Staples Select Sector SPDR (NYSE: XLP)	-0.0%
Utilities Select Sector SPDR (NYSE: XLU)	-0.2%
Materials Select Sector SPDR (NYSE: XLB)	-0.0%
Industrial Select Sector SPDR (NYSE: XLI)	+0.0%
iPath S&P 500 VIX ST Futures (NYSE: VXX)	-1.0%
SPDR Gold Trust (NYSE: GLD)	-0.2%
United States Oil (NYSE: USO)	-1.5%
PowerShares DB US Dollar Bullish (NYSE: UUP)	-0.0%

DISCLOSURE: Kaminis is long UUP. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Article should interest investors in SPDR Dow Jones Industrial Average (NYSE: DIA), SPDR S&P 500 (NYSE: SPY), PowerShares QQQ Trust (Nasdaq: QQQ), ProShares Short Dow 30 (NYSE: DOG), ProShares Ultra Short S&P 500 (NYSE: SDS), ProShares Ultra QQQ (NYSE: QLD), NYSE Euronext (NYSE: NYX), The NASDAQ OMX Group (Nasdaq: NDAQ), Intercontinental Exchange (NYSE: ICE), E*Trade Financial (Nasdaq: ETFC), Charles Schwab (Nasdaq: SCHW), Asset Acceptance Capital (Nasdaq: AACC), Affiliated Managers (NYSE: AMG), Ameriprise Financial (NYSE: AMP), TD Ameritrade (Nasdaq: AMTD), BGC Partners (Nasdaq: BGCP), Bank of New York Mellon (NYSE: BK), BlackRock (NYSE: BLK), CIT Group (NYSE: CIT), Calamos Asset Management (Nasdaq: CLMS), CME Group (NYSE: CME), Cohn & Steers (NYSE: CNS), Cowen Group (Nasdaq: COWN), Diamond Hill Investment (Nasdaq: DHIL), Dollar Financial (Nasdaq: DLLR), Duff & Phelps (Nasdaq: DUF), Encore Capital (Nasdaq: ECPG), Edelman Financial (Nasdaq: EF), Equifax (NYSE: EFX), Epoch (Nasdaq: EPHC), Evercore Partners (NYSE: EVR), EXCorp. (Nasdaq: EZPW), FBR Capital Markets (Nasdaq: FBCM), First Cash Financial (Nasdaq: FCFS), Federated Investors (NYSE: FII), First Marblehead (NYSE: FMD), Fidelity National Financial (NYSE: FNF), Financial Engines (Nasdaq: FNGN), FXCM (Nasdaq: FXCM), Gamco Investors (NYSE: GBL), GAIN Capital (Nasdaq: GCAP), Green Dot (Nasdaq: GDOT), GFI Group (Nasdaq: GFIG), Greenhill (NYSE: GHL), Gleacher (Nasdaq: GLCH), Goldman Sachs (NYSE: GS), Interactive Brokers (Nasdaq: IBKR), INTL FCStone (Nasdaq: INTL), Intersections (Nasdaq: INTX), Investment Technology (NYSE: ITG), Invesco (NYSE: IVZ), Jefferies (NYSE: JEF), JMP Group (NYSE: JMP), Janus Capital (NYSE: JNS), KBW (NYSE: KBW), Knight Capital (NYSE: KCG), Lazard (NYSE: LAZ), Legg Mason (NYSE: LM), LPL Investment (Nasdaq: LPLA), Ladenburg Thalmann (AMEX: LTS), Mastercard (NYSE: MA), Moody’s (NYSE: MCO), MF Global (NYSE: MF), Moneygram (NYSE: MGI), MarketAxess (Nasdaq: MKTX), Marlin Business Services (Nasdaq: MRLN), Morgan Stanley (NYSE: MS), MSCI (Nasdaq: MSCI), MGIC Investment (NYSE: MTG), NewStar Financial (Nasdaq: NEWS), National Financial Partners (NYSE: NFP), Nelnet (NYSE: NNI), Northern Trust (Nasdaq: NTRS), NetSpend (Nasdaq: NTSP), Ocwen Financial (NYSE: OCN), Oppenheimer (NYSE: OPY), optionsXpress (Nasdaq: OXPS), PICO (Nasdaq: PICO), Piper Jaffray (NYSE: PJC), PMI Group (NYSE: PMI), Penson Worldwide (Nasdaq: PNSN), Portfolio Recovery (Nasdaq: PRAA), Raymond James (NYSE: RJF), SEI Investments (Nasdaq: SEIC), Stifel Financial (NYSE: SF), Safeguard Scientifics (NYSE: SFE), State Street (NYSE: STT), SWS (NYSE: SWS), T. Rowe Price (Nasdaq: TROW), Visa (NYSE: V) and Virtus Investment Partners (Nasdaq: VRTS).