The markets were mixed but remained close to the flat line until late afternoon. The Nasdaq struggled to hold at 7,550 most of the day but eventually declined in the afternoon selling. The Dow tried to rally in the morning but rolled over at noon and declined until 20 minutes before the close and there was just enough buying volume to turn it positive. The S&P had a rocky afternoon down -19 but recovered much of it to lose only 7 points.
I am glad we did not try to force an entry this morning. The bloom was rapidly fading from the rose and fear of the Fed took hold at lunch time. That fear may have been justified thanks to one Fed remark that they may have to hike rates over neutral territory. That is a scary thought for the market. It is bad enough just moving rates back to neutral but saying they are going over neutral was a a slippery slope for stocks.
The S&P futures were down -7.50 just a few minutes ago. Oil is still falling and the yield on the 10-year is holding at 3.24 and a 7-year high. Based on the Fed's comments I would not be surprised to see another leg up on yields in the coming days. I see no reason to jump into an uncertain market tonight.
New positions are only added on Wednesday and Saturday except in special circumstances.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays