Today the Fed will announce the government's latest stance on interest rates and economic policy. While virtually nobody is expecting a change in the Fed Funds Rate today, traders will be closely focused on the language regarding future economic policy.
The overall outlook for equities still seems to be favorable, reinforced by a positive seasonal bias, and yet beneath the surface there are some discordant under-currents.
The financial world keeps working its way through this period of great confusion and uncertainty. Nobody knows what to think. Nobody knows what anything is worth. Nobody knows what to do.
The market had a volatile session today. They were down early, then up sharply in a steep snapback rally after the first hour that took the indices right up to retest those key overhead resistance levels.
Dr. Julie Peterson-Manz reviews the Around The Horn stock action for December 14, and presents trade ideas that still have the possibility of triggering for December 15.
The S&P has merely drifted back up to test resistance of the upper channel of its recent consolidation, marginally edging out its November 25 closing high.
The renewed vigor of the high beta stocks needs to be considered alongside evidence that many portfolio managers seem to be migrating to the large-cap defensive stocks, including the utility stocks.
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