Hey Folks, even though the markets started strong for this past trading week we sorta finished grinding lower with a few trading days that saw more intra-day swings in the DOW of more that 400+ points! We have a pattern set-up that seems to indicate we could expect a larger move next week and if you think about it, that makes sense. We have the FOMC Policy Statement hitting the wires at 2 PM ET on Wed and then at 2:30 PM ET we get “Power Ranger” Powell’s first press conference as the new Fed Chair. The markets have priced in already a 25 bps hike for next week’s meeting but what every market participant wants to know is; –should we anticipate 3 or 4 rate hikes for the year? This meeting could be crucial to giving the market clues into Powell’s thinking. So we need to be careful about entering new positions (except for day trades are very short term swings) until we see how the markets interpret the FEDs actions next week. Get my take here in this week’s Weekly Round-up!
Don’t Be A Rat Brain Trader — Trade Smart !!