Dow: -118.68…
Nasdaq: -27.16… S&P: -18.44..
The fed raised rates 25 basis points as expected today. All eleven sectors ended the day in negative territory with rate-sensitive groups leading the retreat. Real estate (-1.9%) and utilities (-2.0%) settled near the bottom of the leaderboard while consumer staples (-1.0%) and telecom services (-1.0%) posted slimmer losses. The health care sector (-0.4%) ended a bit ahead of the market thanks to the outperformance among biotech names. The IBB biotech etf added 0.1%.
The markets reacted by selling lower even though this was completely expected. The market just used this as an excuse to take some air out of the ballon.
Gold and gold miners got hammered and DUST and JDST ripped higher as rates popped. These two were mentioned as potential longs in the video the other day. They look lower.
The dollar popped.
I stopped TEDU today around 15.55 because that was the 50-day moving average and it was also Tuesday’s low which was when the selling pressure started.