Rate Increase Doesn’t Faze Stocks
“There is no greater gift you can give or receive than to honor your calling. It’s why you were born. And how you become most truly alive.” – Oprah Winfrey
The Fed raised rates as expected Wednesday by 0.25% and said they will likely do it 3 times in 2017 but time will tell.
If markets continue to hold and move higher as they have been then we will see 3 rate hikes in 2017; if markets don’t remain strong, we won’t.
Stocks continues to act great after a brief dip on the actual rate hike news, but that was just a quick chance to buy a few positions on the cheap, as we did.
Gold and silver are taking it on the chin hard but gold is very near the $1,120 support level, and usually, moves on Fed news only lasts 2 or 3 days so let’s see shortly if the metals can find some footing.
(Click on image to enlarge)
SPY looks to be building a small wedge which means higher is next and I see no reason in the action anywhere that this will no be the case.
The Santa rally is strong this year.
These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas to see the rest of this letter.
These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas to see the rest of this letter.less