Another Fed Day

No rate hike today, maybe not in September, maybe never.  If an impending issue has ever had time to be priced into the market, this is it.  So much wasted time is spent on this. Will a 25 basis point increase in the fed funds rate really upend this economy?

For the second day in a row volume was pretty good which is always good to see.  Hopefully this can be the start of a move that may possibly take us near the highs again for the indexes.

The Russell 2000 has been very weak and really needs to step things up. Also biotech needs to firm up. After a good day in biotech-land yesterday,  it gave a good part of that move back today.

There have been some decent earnings reports this quarter, but some serious blowups too, and this quarter is supposed to be against a very low bar, so I’m not impressed so far and I’ll be happy when earnings are over and done with.

With the exception of the Nasdaq (and biotech) this market has done whole lot of nothing this year, but there has been good action in individual stocks.

I added two new longs today, TNA and LABU. Obviously I’m looking for the growth names to start making a move.

Nothing new tonight and I’ll see you in the morning.

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