The market put in a wild session today. The major averages had a slight positive bias until the Fed announcement. They swung back and forth until late selling drove them to their intraday trading lows. The COMPQ and the NDX fell 1.60% and 1.37% respectively. The SPX declined 1.65%. Volume was mixed. It fell on the New York and was higher on the Nasd. Leading stocks sold off as well with the leaders index losing 1.41% on the day. The index closed low in its trading range on lower but slightly above average volume. The market mostly was little changed until the Fed announcement. It then traded back and forth but made some solid gains during the press conference. Late selling came in after it seemed that Powell threw cold water on the prospect for rate cuts later this year. The SPX lost the moving averages that it overcame yesterday. The market is acting pretty unstable right now. It has been trying to rally but can’t get much traction. Holding positions is risky now and a good deal of caution is still warranted. The market continues to be in a bottoming process, but it doesn’t look like it is ready to make a serious move yet. Jerry
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