drugs, gold,bond yields, all the defensive plays have edged higher this afternoon, indicating some money rotating out of techs, it looks to me like the "sell on the news " crowd is going to win this afternoon, but the surprise would be if the selloff is very shallow, maybe holding 2750 area, the day after a fed meeting is usually down, so maybe we get a little consolidation before the market starts thinking about when that next surprise rate cut could hit, bottom line, direction of rates are down, so uptrend has to surface after all this backing and filling and base building is over, big question is how low is the downside risk from here? this afternoon was weaker than i expected, but this market can turn quick
stay tuned |
