Happy Anniversary To 'In The Money'
Today is the 2-year anniv. of this blog. Over that time, I have probably made over 1,000 posts. Hopefully, those of you out there reading find them helpful. Sometimes my posts are to educate of explain things, while some of the time they are just to help me flush out my ideas more and improve the thought process.
But I always try to respond to comments, so please keep them coming.
The market today again held up well in the face of what looked like could turn into a little selloff early on. That has kind of been the pattern for the last several days. Normally, when the market reaches an overbought level, and then just kind of hovers while working off the overbought condition, it usually has another push higher coming.
Tomorrow is Fed day, a day when anything can happen. So while I think the market wants to make another push higher, tomorrow could go either way.
The market is still pricing in another 25 basis point cut from the FOMC, but then I think the Fed will make comments implying that it doesn't see the need for more cuts in the current environment. That should be greeted well by the market longer-term, as it implies that the economy is on the mend.
The Fed also does not want to keep feeding commodity prices, which fuel inflation concerns. The dollar has started to firm lately, and that has caused commodities including oil, gold, etc. to correct. But it remains to bee seen if this is just another short-term bounce in the dollar, or something longer lasting.