"There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self." - Ernest Hemingway
Volatility picked up this storm day in NYC and on the even of a likely 0.25% rate increase.
That said, the rate hike is baked in and I don’t see this little spat of weakness as anything other than that, for now.
I saw some strength in metals and did try a Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT) position Monday but I was stopped out for about $0.30/share loss on Tuesday.
The miners usually lead the metals, and may again tomorrow, but I had to get out on Tuesday.
Metals usually do fine around Fed speak but so far not this time.
SPDR S&P 500 (NYSE:SPY) continues to hold nicely above the 21 day moving average as the uptrend continues, with a little rest right now.
Wednesday will be interesting to see how stocks close the day and then we should get a good idea Thursday of if we need more time or if we’re ready to bust higher again.
I think the later.