Nike Good, Brexit Bad, The Fed Trite

The market is funky. The horror in Belgium, oil price instability, Syria falling part resulting in the European migrant problem, the breathless media laying on heavy the winter economic blues, and …

  • 43% of Brits are in favor of a British exit from the European Union while just 41% oppose.

The image of the EU without Britain is not pretty. The market will not react kindly if the Brits act as foolishly as some American voters are acting in the presidential primaries. What a mess for Britain and the EU if the voters vote against their own best interest.

  • The average number of rate hikes forecast this year by FOMC members declined to just two from four. Changes to the rate outlook led markets to price in a rate hike only as soon as September, where it previously had pegged June.

Déjà vu? It seems as if rate hike prediction is now a market staple this time of the year. “Wolf!” he called, and there was no wolf.

  • Nike (NKE), reported fiscal third-quarter profit of 55 cents a share, surpassing forecasts of 49 cents. Nike also posted double-digit sales growth -- excluding the impact of the strong U.S. dollar -- in every region where it operates. The standout was Central Europe, where revenue increased 29% from the previous year

The market is punishing Nike for making money, lots of it. Sure, future orders and revenue didn’t reach analysts’ targets, but the fact is Nike is making money, lots of it. Is this an opportunity?