Retail profits put bulls under control

Markets are continuing as the market awaits news of the Jackson Hole event that begins Thursday when the Federal Reserve will meet for its annual economic policy symposium.

The bears took advantage of the advantage on Tuesday as payroll reduction talks sparked concerns over the economic slowdown. On Wednesday, however, strong retail and Target (TGT) relationships, in particular, put bulls under control.

There have been some minor reactions to the Fed's minutes from the last afternoon meeting, but it's an old news that does not really provide new information. The indices remained relatively stable after the opening. The width was good with about 5,200 winners to 2,075 declined. The new 12-month highs have risen to more than 225.

It was a solid stock, but the S & P 500 remains below its 50-day moving average and lies within a trading range. It will be an interesting installation in the speech of Fed Chief Jerome Powell at Jackson Hole on Friday morning. The yield curve briefly reversed again this afternoon, indicating that there is some nervousness about what Powell might have to say.

Tomorrow's action will help us develop a strategy for Friday's news. At present, market players seem optimistic that the Fed will continue to provide good support, but Powell has always generated negative reactions.

There was good trading on individual stocks. The retail sector generally does not act as a leader, but it did on Wednesday and this helped maintain a positive feeling. Trade is still clear in August, but this market is far from dull.

Good evening I'll see you tomorrow.