Good Wednesday AM, the best day of the week,

The hits just keep on coming.

We’re now touching the top of this horrible trading channel. Technically, we should pause at 4.3 which is just unbelievable to say. I know that doesn’t help much but at this point, that level is right here so we need to be aware. Data today was not helpful. Capacity Utilization came in higher than expected. It shows less slack in the economy and we don’t need things to heat up again. The Fed minutes were out today and were pretty hawkish. It doesn’t sound like the Fed has hit the pause button quite yet. Not a great day for anything other than a reset in our thinking.

Some quick hits from around…

• Although 84% of Americans say they’d like to own a home one day, some 51% of Americans who don’t currently own a home fear that they never will. That’s according to a new survey from LendingTree.
• One of the biggest debates in the market today is over what exactly is going to happen with consumer credit. Delinquencies on various kinds of debt are rising, but the rate at which people are falling into outright distress remains low.

How long can that continue?

Fitch warned that even the largest U.S. banks will have their ratings reevaluated if the agency downgrades the sector to A+ from AA-. The warning comes just a week after Moody’s cut the ratings of ten small to mid-sized U.S. banks, placed four banks on watch for potential downgrades, lowered the outlook for eleven lenders, and warned that big banks could face ratings action soon.

Please remain safe and stay healthy, make today great!