The Federal Reserve said it’s not cutting rates now but even more important, Chair Jerome Powell also came down on the side of not cutting in March in post-meeting comments Wednesday.
That could of course change in the future.
But for now, if you’ve been following along here, then this shouldn’t be a surprise. The markets sold off on this news Wednesday and we’re getting a bounce this morning — but I’d be careful until we see confirmation that buyers are stepping back in.
Though, it is interesting that the bond market (TLT) is holding up fairly well.
I almost shorted it Wednesday because I believe it’s about to start coming. What I’d like to see first is it break the 200-day moving average. If that happens, I’ll probably go short.
We have some major earnings coming today with Apple, Amazon and Meta (Facebook) all after the close today, so we could see some fireworks and volatility.
Apple is at its 100-day moving average and if it breaks below, it’s time to start getting nervous. There’s something I’ve mentioned before that I really don’t like about Apple right now…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott Trading
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