The Morning After the FOMC

As expected the Fed raised rates by 50 basis points and they did not candy coat the statement.

PRE-OPEN MARKET COMMENTS Thursday – Yesterday the Fed raised rates by 50 basis points and the FOMC statement was largely in line with expectations. The S&P 500 closed 50 points lower from the time of the release, but there was no follow through. The ECB followed suit and they raised rates by 50 basis points this morning (from 1.5% to 2%). Sellers are in control and this is a triple witch. That means we can expect volatility the next two days. The S&P 500 is down 55 points before the open and we are within striking distance of the 100-day MA.

Daily Bulletin Continues...