It's early here on the West Coast of United States, and the market is only open for about 30 minutes.
At the time I am writing this article the stock market is up about .25 percent respectively across the three major indices.
With all the mainstream financial media nonsense being force-fed to everybody, they want you to believe that this market is being driven by earnings however, by just observing the price action of the market today before the Fed minutes you can see that this is simply not true.
The Federal Reserve is running the (horror) show.
At 11 AM Eastern standard time we are going to hear the minutes from the last federal reserve meeting, and it will be these minutes which guide the markets-not earnings.
The last time Janet Yellen spoke about monetary policy she made a 180° flip-flop going from hawkish to dovish in the blink of an eye, and I honestly have no idea what's going to come out of The Fed minutes however I do believe the market is going to react to them.
Again the fact of the matter is we do not have a free market anymore and the Federal Reserve is running the show.
The mainstream financial channels can push their nonsensical narrative that this market is being driven by earnings, but this is simply and utterly a complete falsehood. Until the Federal Reserve allows the market to determine fair value for debt, not one single asset, NOT ONE, will have a real price discovery mechanism behind it.
Gregory Mannarino @marketreport
