After a rough morning we managed a slight bounce back this afternoon. Breadth improved to about 3500 advancers to 2800 decliners but volume fell and we only managed to recapture a small portion of yesterdays losses.
Once again there was nothing particularly significant about the action. We have a lot of churning, quick trades and some minor repositioning. Tomorrow afternoon we finally have the FOMC interest rate decision. It will be nice just to get that behind us no matter what it is they end up doing. At least we will no longer be stuck waiting.
We'll discuss strategy tomorrow but my initial thinking is that if there are no surprises and we sell off on the news I would be a buyer. I believe there is a good chance of a least a temporary relief bounce, especially if there is some selling on a point hike and a statement that further hikes are data dependent.
Well consider some other possibilities tomorrow.
Have a good evening.
RevShark