Sometimes investors will look for an excuse to take profits and the hawkish Fed outlook was the answer. The markets are normally directional the day after a Fed announcement. The markets did not like the Fed statement. Resistance held on the Dow and S&P and the Nasdaq closed 54 points below its intraday high. The futures have given back a minor gain to trade negative again and there is a lot of uncertainty in the market. After a couple weeks of gains on the Nasdaq and Russell we could be looking at some post Fed profit taking. Since those indexes have been the leaders, any weakness there should translate into further weakness in the Dow and S&P. The market could blast off on Thursday or it could post another triple digit loss. There are no clues tonight and we should not add positions if market direction is unclear.
New positions are only added on Wednesday and Saturday except in special circumstances.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays