BROAD STOCK MARKET TRADE ALERT (3:00 pm EST)
It seems that Janet Yellen's dovish tone at yesterday's press conference following the Federal Reserve's September policy meeting is overriding some of the Fed's hawkish "dot plot" data (which suggested the possibility of an interest rate hike sooner than what most investors expect) and is buoying equity markets today with a strong rally. The DOW is breaking through my original stop loss point (17,200) for my short position opened on Aug. 28 so I am going to cover that position today with a small loss. The S&P 500 is now making a new high and the NASDAQ also appears close to doing so. This is negating the intermarket bearish divergence we have been seeing in these indices over the last several days and is more evidence of strong bullishness in the markets now. Covering all short positions in the broad stock market today.
It seems that Janet Yellen's dovish tone at yesterday's press conference following the Federal Reserve's September policy meeting is overriding some of the Fed's hawkish "dot plot" data (which suggested the possibility of an interest rate hike sooner than what most investors expect) and is buoying equity markets today with a strong rally. The DOW is breaking through my original stop loss point (17,200) for my short position opened on Aug. 28 so I am going to cover that position today with a small loss. The S&P 500 is now making a new high and the NASDAQ also appears close to doing so. This is negating the intermarket bearish divergence we have been seeing in these indices over the last several days and is more evidence of strong bullishness in the markets now. Covering all short positions in the broad stock market today.
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