Wednesday’s Closing Look

Stocks were relatively quiet on Wednesday as investors digested the recent and very strong rally. The Fed Minutes hinted that more rate hikes may be on the horizon, especially if Trump’s policies do indeed spur economic growth. In economic news, weekly mortgage applications slid by 2% amid tepid refinancing levels. A separate report showed that existing home sales grew by 3.3% in January.

Gary’s Thoughts: Of note: continue to avoid energy as they break down even more…a few commodity names breaking down…retail remains gross but after that, not much to complain about. Will say that underlying market worse than Dow today…but market needs a pullback/rest anyhow. Maybe one on its way. Oh…the fed did something today but they do not matter much now…thankfully.