Although the Fed has become far less relevant over the past several months, market players were still paying attention yesterday as the FOMC delivered their latest interest rate decision and policy statement. The worry, of course, was that Dr. Yellen and her crew of oatmeal cookie toting economists would adopt a more hawkish tone and try to get out in front of an economy that has started to show signs of life, but has yet to really take off.
While the market got the quarter point hike that everyone was expecting, Dr. Yellen was clear that the committee was still in their same wait-and-see mode, and weren’t about to commit to a more aggressive rate hike campaign in the near-term. The reaction, understandably, was positive for stocks, which turned higher after spending the past couple weeks pulling back to support. The bears, of course, reacted by pointing out that, if the economy is poised to be great again, then why does the Fed feel the need to keep rates so low?
We’ll see how the macro picture develops, but if there’s one thing that obvious from the charts of the majors, it’s that the broader technical profile favors the bulls. As always, we’ll keep a close eye out for signs of cracks under the surface. This market is still rather extended and would benefit greatly from some backing-and-filling, but overall, we continue to do what we do every day, which is digging through the charts and finding high-odds set-ups to bring to our community, as can be seen from some comments from our Active Trader message board yesterday:
Thanks for CERU, Rev. Posted on 03/15/2017 11:13:56 AM
Cashed out of CERU on a big chunk–thanks Rev! Posted on 03/15/2017 10:38:49 AM
Great call on CERU Rev…. Posted on 03/15/2017 10:04:16 AM
CERU payin’ the rent today 😉 Posted on 03/15/2017 10:00:33 AM
Let’s take a look at some charts:
Brainstorm Cell Therapeutics Inc (NASDAQ:BCLI)
Identiv Inc (NASDAQ:INVE)
Viewray Inc (NASDAQ:VRAY)
Anavex Life Sciences Corp. (NASDAQ:AVXL)
Cellectis SA (ADR) (NASDAQ:CLLS)
At the time of this post, RevShark had no position in any of the stocks mentioned.