In my note to members, I much prefer saying, no changes, nothing to do when I am in trades, as it means they are usually doing well!
I’m not particularly religious, however, the Fed statement had me clasping my hands together a little today. It could have gone anywhere. However, despite a small wobble after 2pm when the statement was released, the market shrugged of the possibly more hawkish statement and marched back higher.
The fact that nothing was mentioned regarding rate hikes means that the next couple of monthly jobs reports will be very important in gauging what the Fed is likely to do at it’s September meeting.
But I think this bodes well for a good run up in August as I had mentioned. Can I be wrong? Darn tootin, I’ve been wrong more times than I can count, but at some point a trend has to show up. The entire year cannot go trend-less, and Feb was the only distinct trend this year as far as I am concerned. Therefore I am satisfied that I managed to get in at the open yesterday across the board. So, short of negative news affecting the trend, I think we go higher tomorrow too.
Bring on the bulls!