Insights, Delivered Daily.

Act I. Stocks posted a mixed close yesterday as investors awaited today’s flood of Fed information. It was all about the Fed and easing monetary policy with investors queuing up to see the two-day show that starts today on Capital Hill.

The running of the bulls. Stocks slid for a second straight day as investors began to fear that a rate cut may not come later this month. Similar to the bulls in Pamplona, Spain, Wall Street bulls are not sure which way to run in the wake of last Friday’s blowout jobs number.

Conclusion confusion! Stocks and bonds slipped on Friday as investors became concerned that a big rate cut may not come in July, after all. A stronger than expected employment report caused investors to question the likelihood of Fed easing.

Independence rally! Stocks rallied to new highs on Wednesday, independent of unsupportive macro data. High spirits were aplenty on Wednesday as stocks surged in an abbreviated session… oh and so did bonds?

Adrift. Stocks drifted modestly higher yesterday as Chinese trade rhetoric eased and expectations for easy money rose. Early session selling on EU trade troubles turned into buying in an uneventful day of trade.

Are we good to go? Stock traders asked themselves that question early in yesterday’s session, unable to find an answer, a morning rally fell flat. Stocks closed higher yesterday but well off their lows as traders tried to decide what was more important: a potential end to trade troubles or lower...