Would love to give sound advice but the fact is the only thing that matters is the final decision by one person tomorrow. The Fed is in the midst of their 2 day meeting. Expectations are for the final taper in where they stop printing money. But I suspect after 3 Fedheads telegraphed things last week, we suspect there will be some language in where it is stated that “with economies around the globe softening, we stand ready to start another QE program if need be.” Expect the words “data dependent” also to give them room to change their mind.
Biotechs,Utilities, Transports remain the strength. Everything COMMODITY and small caps remain the weakest. Everything else is a tweener. Seems like we are right back to where things were before the recent breakdown.
We continue to believe upside testing can continue but now heading into the meat of resistance.