It seems like the markets, investors and media have been waiting forever for Ben Bernanke to give his annual speech from the Fed’s retreat in Jackson Hole WY. Lots of initial expectations have faded into much ado about nothing. I like that the stock market is showing weakness into the speech. That leaves ammunition for a potential move higher next week. Today’s decline was very orderly and began to restore a little worry in the markets. We don’t need all that complacency!
I don’t want to put too much emphasis on one trading day, the last day of the slowest month of the year, but Friday should be interesting and telling about the short-term.