The Market Strategy Radar Screen

Stocks were buffeted by crosscurrents last week as weakness in commodities prices worsened and the prior week’s rally in stocks faded from traders’ if not investors’ recent memories.

The market has once again reverted to ro/ro (shifting from risk-on to risk-off and back again) as it weighs issues of uncertainty against expectations for economic growth at a pace consistent with a sustainable economic expansion and Q2 earnings that remain overall better than expected.

Concerns about when and if the Fed will tweak rates higher and what tone Janet Yellen will take when exiting this week’s FOMC meeting on Wednesday will keep the market’s focus through mid-week (notwithstanding a bolt from the blue or other unexpected event). ...

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