Tomorrow will be very interesting and somewhat of an inflection point. We had a huge reversal today and that kind of reversal usually portends a nice bounce. That being said, its not a lock and caution is the objective theme. We dont want to see a gap up at the open tomorrow that sells off. Lets see what tomorrow brings. I noticed a lot of stocks bounced at the 200 dma today.
Very nice Ken, thanks a ton. Thanks a little to you Overnight as well, you are maybe right. But I agree with the OP that tomorrow FEELS like its going to be an inflection point (or a turning point - a decisive day, however you characterize it). If it breaks up or down hard I think it will have figured out what the CPI print is going to say on Wednesday.
Spot On...One of the most interesting Fed schedules and upcoming viewing delights I've seen in many years....will be VERY interesting trading, once in a lifetime volatility for traders...and to see what the Emperor says without any clothes on at all. It might be ugly, but I cant look away. To see him explain why he waited so long to taper, why he thought the US needed so much stimulus still as we approached FULL ATH markets in early 2021? And then when they ask how many hikes he may need,..to look at his face and then read his thinking...Many countries have already hiked above 4 full basis points. And to see him start talking about .25 basis points...omg. Its like running down the train tracks to catch a train that has left 3 days earlier, then getting killed by the one coming up behind you, blood on the tracks all through 2022 into some of 2023...lol
Actually this is like 10th in my lifetime and I'm not even super old yet. Please keep the volatility going forever thank you bros.