Another day of relative lethargy as NASDAQ sports a half percent loss. AAPL for its part is back to basically flat, coming with 0.02 of the Tuesday close. There are stocks moving a lot on earnings, but most are hanging in their recent patterns.
The FOMC is full steam ahead for rate hikes as the FOMC statement, as we expected, did not back off as some suggested. I know the Fed is pretty much a laughing stock when it comes to timing economic cycles, but it cannot change direction month to month even if it is hiking right into a US economic slowdown and likely recession.
The banks don't look that bad, and indeed we are interested in BAC if it can hold a decent break higher. TSLA announces earnings afterhours and as we have already taken gain twice on this position, we are leaving the last part to work through earnings and see if there is another pop and run.
Overall the action remains sluggish on the NYSE indices as they are not getting that money pushed their way as NASDAQ tests.
SP500 -2.89, -0.12%
NASDAQ -26.34, -0.43%
DJ30 10.07, 0.05%
SP400 -0.41%
RUTX -0.70%
SOX 0.21%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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