WAITING FOR FED, AGAIN

Futures are all red, a rather encouraging sign after a good week. There's no meaningful news this morning and the focus for the next couple of weeks will be the Fed's rate decision. For today, it's the end of July and never under-estimate the potential impact of month-end from mutual fund mark-up. Winners of last week may get a few additional yards, and losers, oh, well, losers. I will be looking for reversal early in the morning and watch for recent winners.