The Fed has spoken… at least for now.
And the market didn’t react well.
After an initial rally on the press release, Jerome Powell taking the stand did not help things at all.
He sunk the entire market!
Maybe it was what he wanted.
So today, along with a new Bank It or Tank It video, I am going to recap some of what happened yesterday.
Because there was a lot to unpack.
The bottom line is this: the market can still go higher.
We are in a volatile time and swings of 1% or 2% are getting more and more common.
If there is much follow through today and tomorrow, it could lead to a bigger selloff.
But just the one-day event isn’t that alarming.
Here’s why…
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All signs are still pointing to a bear market rally being in play.
The CBOE Volatility Index (VIX), also known as the fear index, barely moved yesterday amidst the volatiltiy.
That’s because we are coming off a wild period for earnings and now the Fed is behind us for the most part.
But that’s exactly how investors will look at it.
There was some dovish talk in the press release that is probably a better sentiment of where the Fed stands than Jerome Powell trying to bring the market down in his announcement.
That is going to come to light in the coming weeks and can help support a short-term rally.
All-in-all, this is bad news for stocks.
The Fed isn’t done hiking rates when they should have paused about six months ago.
That doesn’t mean we can’t rally here and there, it just means the ultimate trend for stocks for the next several months is going to be lower.
With all that said, I ran through three more stocks today to put on my Bank It or Tank It list.
In my latest video, I cover consumer tech giant Apple (Nasdaq: AAPL), airplane manufacturer The Boeing Company (NYSE: BA) and Uber Technolgies (NYSE: UBER), the ride service company.
To see which stock landed on my Bank It or Tank It list, and get another ear full about the Fed, click below.
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Chad Shoop, CMT
Editor, Bank It or Tank It ELITE