The market rallied today on the Fed news. The major averages opened slightly higher and went mostly sideways until the Fed announcement. The market hesitated until Powell’s news conference when he said the next rate hike might not be 75 basis points. The major averages rallied until a little late weakness saw them close off their highs but still with solid gains. The COMPQ and the NDX gained 2.50% and 2.49% respectively. The SPX rallied 1.46%. All the major averages closed in the upper half of their intraday trading ranges. Volume was higher across the board. It gained 7.99% on the Nasd and 5.38% on the New York. Leading stocks were higher as well but underperformed the overall market. The leaders index gained .80% and closed in about the middle of its trading range. Volume was higher and slightly above average. The market liked it when Powell said the next rate increase might not be 75 basis points and rallied. Powell did say the same thing before this rate increase so take it with a grain of salt. The market was due for a snap back rally after the recent intense selling, and this may be the start. I suspect it will be more of a chance to unload anything you have not sold already and maybe put on some short positions. This should be little more than a quick bounce, but who knows, there might even be another follow through. I think it will not amount to much and the downside action will resume. Jerry
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