For the 10th consecutive time, the Fed has raised rates a quarter of a point. The Fed continues to fight inflation with its gradual steady increases in interest rates. It looks as if there are another two more hikes in store, at least. Best case scenario is seven more hikes from the Fed.
Where do I get that number? Why from Mr. Richard Yamarone of Argus Research Corp. He believes it will be at 5.25% before the Fed declares the fight against inflation is over. That would be great for stocks, if that is the case. Since 1994, everytime the Fed hikes rates the market moves higher and visa versa when the Fed is easing.
The stock market bounced on an increase in volume; not a big bounce, however, and not on a big pickup in volume either. But an increase in volume on a bounce, after a lower volume decline is positive action if we want the market to start to go higher again.
Besides that, stocks were pretty boring today. Small caps lagged again and Big Caps lead. I know it is a common statement but "it remains a market of stocks." There are great stocks out there but not a lot. We shall see what tomorrow brings.
New Swing Longs: UBET WIRE PRM RCOM TFR BTUI SLXP
Longs Outperforming Market (up 5% or more): SYKE OLGR BBD USLM TEC MCF
New Swing Shorts: SNHY PCLN CNO L
Shorts Outperforming Market (down 5% or more): CRYP INPC
ALOHA
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