Waiting for What We Already Know

Tomorrow markets will be anxiously awaiting the release of the FOMC meeting minutes from last month (at 1 pm central). We already had a statement from the FOMC and a news conference from Yellen–are there some big, dark secrets that are going to be found in the report?  Of course not.  It will be a rehash of everything we already know and we think it will continue to indicate to us that they are bound and determined to get rates higher regardless of China, Greece or any other external economic forces–they really want to let markets know that they are ‘in charge’.  Additionally they want/need some dry powder to use during the next economic downturn.

We will do nothing except observe.  The ‘tone’ for the day will be set by Asian markets tonight and they are a little rocky, although not quite as bad as the massacre in Shanghai last night (down 6%). European futures are off just a little bit.

With the thin August trading we can be in for a wild ride tomorrow—either up or down, or maybe both.  We will see what happens.