ATR - Keeping the powder dry

Often it is very wise and less expensive to remain patient not rushing in at the first opportunity, choosing to bide your time and keep your powder dry. Despite our feelings that the market looks good and many opportunities abound, the knee jerk selling after the Fed announcement remained steady into the close and those who jumped in at the first chance, were not rewarded. All major sectors reversed, closing in the red. Breadth finished almost 2 1 negative however volume was extremely light, which bodes well going forward.

We were quite surprised to see such knee jerk selling after the Fed announcement, as anyone who was thinking the fed would do something other than they did, is truly over optimistic. With that said, the choppiness is par for the course and staying quick, nimble and flexible is once again the key.

With the rate hike behind us, we can now focus on the final few days in the quarter and the typical window dressing that should occur. Some of the better earnings winners may catch some bids and this is where we want to be.

We're back to full staff at Shark HQ, so tomorrow Ill be able to write much more for the site. Rest up, as I suspect the remainder of the week may be very exciting if the troops show up to regain control.

Have a good evening.

RevShark