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Well, today was a drag for the bears (if there are any besides me left in the world), although after 7.5 years of this crap, it should be old hat by now. Even though the Fed changed nothing – – – let me repeat, NOTHING – – the market rallied as if some awesome good news had been dropped into its lap. The NASDAQ went up to its highest level in the history of humanity:
With the BOJ last night and FOMC today there is likely to be significant market turbulence even with the likely net announcements not amounting to much. The Fed will reveal today where rates will remain at almost nothing, or be raised to slightly more than almost nothing, and while it’s a little hard to see why that should be particularly interesting, the markets will be watching that carefully nonetheless. Trade safe!
I’ve already done two webinars today so I’m going to save myself some time today by using the premarket video and charts that I did this morning for Daily Video Service subscribers at theartofchart.net. I’ve been doing the charts every morning there for a while but have recently added the video and that is being incorporated into the Daily Video Service next week, by which time we will have settled on a likely new name for the service that is a bit more catchy. The service also includes Stan’s post market update video and the private twitter feed which is updated during regular trading hours
