The FOMC was worried about losing its credibility (sorry, that ship has sailed) and saw no reason not to hike based upon its own data and yet it still wimped out. Good job. Okay, it wasn't all of the FOMC but 'several participants.' Good job anyway! Don't let those "Fed has no credibility" slackers tell you what to do. The Fed HAS no credibility so what difference does it make? (Had to work that one in).
The market moved up into the minutes, it moved higher after the minutes, it is now back where it was pre-minutes.
SP500 5.51, 0.26%
NASDAQ 0.87, 0.02%
DJ30 40.34, 0.22%
SP400 0.41%
RUTX 0.13%
SOX -0.80%
The session's move has not altered the positions following the Tuesday tumble.
NASDAQ is holding the 50 day SMA with a doji. SP500 is up modestly, holding, inside the lows from the September selling. DJ30 ditto. SP400 ditto. RUTX is showing a doji just below the 50 day EMA. SOX put in a nice doji with tail over the 50 day MA's, holding easily over them and rebounding.
That leaves NASDAQ in decent shape at the 50 day MA's, SOX similarly situated after its test. SP500, DJ30, SP400, RUTX are more problematic.
Watching to see how the plays react post-FOMC but not a lot of action either way right now as the indices hold their afternoon recovery.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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