US equities lifted all exchanges off of Thursday’s run up into today’s triple witching options expiration day. Look for a 1 percent sell off Friday on the day if recent history holds.
It didn’t hurt that the Fed was out jawboning on delaying a rate rise this year into 2016. It’s an absolute disgrace how perverted the equity and government bond markets are manipulated by Fed speak, which most times gives contradicting guidance in the same day.
I had a chat with a man in the know on the rate rise Thursday, and he had a startling comment, which I need to confirm before writing on it here, but the core message is no rise before June of 2016.
It is also a disgrace that the Social Security Administration put blinders on its eyes and said there will be no benefit rise next year for seniors.
This is the third time in Obama’s presidency that seniors are getting stiffed. In 2010, 2011 and now 2016 checks will remain the same.
Unimaginable that the SSA can say there’s no inflation and the Medicare raises out-of-pocket costs to seniors by some 10 percent to 20 percent on co-pays and the like.
That’s inflation, even if the premium stays the same.
You can take the measure of a society by how it treats its elderly. Obama has come up way short on that.