Words

Yesterday around 2 PM New York Fed President John Williams opined, "It's better to take preventive measures than to wait for disaster to unfold."  

And with those words a market that had been drifting downward for a few days reversed course and closed with gains.

Traders believed that Williams was talking about a juicy interest rate cut later this month as the "preventive measure."  Odds of a .50 cut rose.  A .25 cut is already assumed.

Futures are up this morning as the market attempts to break through the all-time highs set just a few days ago.

We remain fully invested.