In true Y2K fashion (scary, but ending with more of a fizz than bang), the Greek elections turned out more like Goldilocks than EU break up, AT THIS TIME. The FOMC (statement) twisted and shouted and while we stood on our island as outcasts in our thinking that no more “Cow Bell” was needed, we are ok with being incorrect, although the FOMC did do what we thought was secondarily most probable; just continued the “Cow Bell” not ringing in any extra. As we had mentioned earlier, there was no way the FOMC could make everyone happy. As such, negativity has taken a front seat, wiping out a hopeful run in the capital markets of the last few days (a negative Philly Fed indicator also helped.)
As you read this we are “On the Road Again” (thanks Willie) leaving our non-char broiled spot (that is smoke, not clouds in the picture) with a greater appreciation for the collaborative efforts of the firefighters around the country.
Next week the quarter ends and the 90 day treadmill gets ready for showing. The upcoming treadmill should be extremely interesting as a few early negative confessions have already been disclosed, although only negligible.
Have a Great Weekend!
PS: Thanks for wading through the heavy read this week, but this was front and center on our minds, and we wanted to give you our take. Next week, the week before July 4th, we will have more fun!