A fairly impressive reversal after stocks jumped higher for 25 minutes post FOMC Minutes. The entire post-FOMC bounce is history with SP500, DJ30 threatening to join SOX as negative. NASDAQ holds a decent gain, but it too has given up the rally following the FOMC release.
SP500 0.65, 0.02%
NASDAQ 20.29, 0.28%
DJ30 -18.18, -0.07%
SP400 0.25%
RUTX 1.13%
SOX -0.77%
NASDAQ 100 0.22%
We opted to let the news work through the market and it is doing that. Will need to see how the indices close as they pushed higher with NASDAQ moving through the 78% Fibonacci retracement but since giving that level back. The market is in the digestion process of what the Fed actually said and believes, and thus the volatility. Would not be surprised if the selling catches a new bid late-session.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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