Happy Fed Day!

Today looks to be an interesting day for the markets. The stock market is poised to open higher this morning. Later, the Federal Reserve wraps up it two-day meeting today. In the afternoon, Janet Yellen will hold a press conference. Don’t expect any rate hike yet, but the Fed may drop clues for its plans. There’s an emerging consensus that the Fed will raise rates in September or December. Personally, I think the market tends to over-read Fed policy statements.

The mess in Greece continues. Now the Greek central bank is warning of dire consequences unless the government gets what they want. Imagine that. Alexis Tsipras, the Prime Minister, said he’s ready to shoot down a bad deal. Honestly, I don’t think he’s going to get a better one.

Just to give you an idea of how it is in Greece, here’s a chart of the National Bank of Greece (NBG). The shares have declined from $700 to $1. The stock has had two reverse splits, 1-for-5 and 1-for-10.

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Oracle (ORCL) will report earnings after today’s close. Yesterday, the shares closed at their highest level since late April.

Posted by on June 17th, 2015 at 9:28 am


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