Craig Johnson’s

Financial Markets Summary

Thursday, October 12, 2017

  • The minutes from the Federal Open Market Committee September meeting were released yesterday. The minutes provided no surprises, especially since following the September meeting new economic projections were given and Federal Reserve Chair Janet Yellen held a press conference.
  • The minutes indicated there are members concerned that inflation is too low to increase interest rates, while others believe an increase is appropriate.
  • Gold has shown little to no direction during the past week. Until the intermediate and long term downtrends are broken, enthusiasm by investors for gold will be muted.
  • The stock market, even though it is extended in the short term has managed to show continued strength. Money center bank earning’s reports will begin to be released today and that will start an increase in the number of reports being released in the coming weeks as the earnings season is now here.
  • The U.S. dollar has dropped four consecutive days after rallying since early September from its low.
  • Oil has been stronger this week on reports that Saudi Arabia will continue to make minor production cuts into next year. The price, which is trading around $51 a barrel, will need to break above $55 to convince traders that a sustainable up move might be underway. 

Sources:,,, Dow Jones News, Financial Times,, Investor's Business Daily,,, Thomson Reuters/First Call, U.S. Dept of Treasury, and individual company web sites and press releases. 

Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.