Don't Be So Sure About That Rate Cut Next Week

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September 13 - Stock mentions: SPY, FCX, SQ, AAPL

Michael Kramer and the clients of Mott Capital own AAPL

Stocks had a blah day with basically nothing happening. It was a good week, so let's not lose sight of that. But next week will be a massive week with the Fed meeting. But the odds of the Fed cutting rates is suddenly becoming less certain.

MACRO

Fed Futures

Fed Funds futures are currently trading at 1.875%, which fall pretty much in the middle of the 1.75 and 2% range. That rate has been on the rise since the beginning of September. Additionally, the CME Group now projects just an 80% chance of a 25 bps rate cut next week. That is down from a 90% chance last week.

So we can wait and see what develops next week. I'd be surprised if the Fed doesn't cut rates.

S&P 500 (SPY)

It looks like there is a bullish pennant pattern that is forming on the intraday of the S&P 500. I think it is positive for the start of next week. Premium Content: The Outlook For Stocks May Be Growing Stronger - first two weeks free.

STOCKS

Freeport (FCX)

Freeport finally reached my target today of 11.00, and with that, we can check that one-off. I'm not sure what happens next. I will have to keep an eye on things.

Apple (AAPL)

Apple bounced off support today where it was supposed to at $217.40. The trend is still higher.

Square (SQ)

Square bounced some today, but the trend is still lower. Premium content Betting Square Falls, try the service, hate it cancel, I won't cry, promise. 8-O

That is all for today.

-Mike

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