Volatility picked up this storm day in NYC and on the even of a likely 0.25% rate increase.
That said, the rate hike is baked in and I don’t see this little spat of weakness as anything other than that, for now.
I saw some strength in metals and did try a NUGT position Monday but I was stopped out for about $0.30/share loss today.
The miners usually lead the metals, and may again tomorrow, but I had toget out today.
Metals usually do fine around Fed speak but so far not this time.
SPY continues to hold nicely above the 21 day moving average as the uptrend continues, with a little rest right now.
Wednesday will be interesting to see how stocks close the day and then we should get a good idea Thursday of if we need more time or if we’re ready to bust higher again.
I think the later.
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