Of course, at 2:01 US Eastern time the market could get very actionable, but for right now it is a ‘close to the vest’ market. This means no big bets and no strong leans in one direction or the other.

Everyone Hates US Stocks  –Bloomberg

If that’s true, that ain’t bearish.

Hedge Funder Dalio Thinks the Fed Can Repeat 1937 All Over Again  –Bloomberg

I researched this gentleman and I love what he is all about, philosophically and in the way he views life as it relates to his vocation in the markets.  i.e. it’s not just some MSM b/s. He is to be taken seriously IMO, in his knowledge of the markets but even more, as a respectable human (something lacking in this sphere, again IMO).

So here is the Fed’s idiotic Dot Plot that we are all supposed to be transfixed by.

The stock market took a hit, bounced and now by my eye anyway, is not at all cut and dry. Sentiment became toxic to the over bullish side a couple of weeks ago. Then the market dropped and bounced. This should not be an end to the downturn given the former sentiment profile that has not been nearly fixed yet.

But the leadership items we follow (esp. Biotech, Small Caps and Banks) are stable to good and then there are the AAII Individual Investors having been spooked, which is short-term positive (though the longer-term trend is over bullish and so, not healthy).

There’s lots more to the picture that can’t make it into a simple post. But it is best to check assumptions at the door and let’s all just be prepared for what is on the other side. It’s not so much the FOMC I am concerned about as my fellow market participants. That’s why I have remained in a comfortable position and recommended the same in NFTRH.  It’s the ‘no strong leans’ market at the moment.