Today’s consolidation is not unexpected after the indexes hit their first target levels yesterday and backed off. Currently, the selling today is based upon Powells reiteration of aggressive interest rate hikes. However, note the indexes consolidated right back to the T line and have bounced up from there. Stay predominately long with a few short positions in the portfolio.
March 7th Daily Market Comments
Today’s consolidation is not unexpected after the indexes hit their first target levels yesterday and backed off. Currently, the selling today is based upon Powells reiteration of aggressive interest rate hikes. However, note the indexes consolidated right back to the T line and have bounced up from there. Stay predominately long with a few short positions in the portfolio.