Pre-Open Market Comments – Wednesday

My market bias for the next few weeks is bearish. The price action since the FOMC has been weak and I do not see that changing with a 50 basis point rate hike pending a month from now. The S&P 500 is down 16% from the high and it is in correction territory. The QQQ and IWM are both in bear market territory. We can expect short covering bounces along the way and we are seeing one this morning. The S&P 500 is up 45 points before the open and traders are expecting a tame CPI report.

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