There seems to be an issue this morning with broken price quotes, which might as well be a metaphor for the way in which retail investors view the market these days as being run entirely by robots. My sense is that liquidity is light in front of the FOMC announcement later today. Underneath the surface, there is not too much energy in the movement of individual names I am watching.
I am sure there will be plenty of eyes on gold and Treasuries in the wake of the Fed today. Currently, they are both trading lower, with TLT still in an overarching uptrend while GLD remains trapped in a massive weekly descending triangle. One thing to remember about days when the FOMC has an announcement is that we almost always see the initial reaction after the statement is released get faded and reverse course either by the very end of the session or the following day.
Overall, the bulls are still working off the rally we saw late last week in a rather benign manner, even as bearish sentiment builds. The setup appears to be present for bulls to climb a wall of worry higher, but I will let it happen first before I act rather than trying to force it.
