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A Sharp Reversal during the Intraday Session
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A Sharp Reversal during the Intraday Session
It was all about the Fed’s interest rate decision yesterday, as the two day Fed meeting came to an end, during the second half of the U.S session. Yet again the Fed left their fund rate at a low of 0.25%, extending its purchasing of mortgage-backed securities and agency debt. Even though Fed members are now pleased with the current economic rebound, stating that they welcome the recent improving economic data, they were reluctant to take any dramatic moves yesterday in order not to cause an avalanche.
In the speech that followed the decision, the Fed also mentioned that they expect inflation to stay at low levels; due to the lack of consumption and that a full recovery will take additional time. According to analysts, the global economy is now recovering from one of its worst recessions since the great depression, one that occurred back in the 30s.
Stocks presented a volatile session with the financial sector leading the way lower. Airlines also took a hit, closing the session down by -4.32%. Even though the immediate reaction was bullish, the major indices reversed sharply throughout the session to close in negative territory. The S&P500 finished with a loss of -1.01%, while the Nasdaq closed down by -0.57%. One must note that while most traders were surprised with the end of day loss, yesterday’s session was characterized by a classical ‘buy the rumor sell the fact’.
From a technical point of view the major indices are over extended and any correction is acceptable.
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Read the full article at [url=Dodjit.com][You must be registered and logged in to see this link.]
In the speech that followed the decision, the Fed also mentioned that they expect inflation to stay at low levels; due to the lack of consumption and that a full recovery will take additional time. According to analysts, the global economy is now recovering from one of its worst recessions since the great depression, one that occurred back in the 30s.
Stocks presented a volatile session with the financial sector leading the way lower. Airlines also took a hit, closing the session down by -4.32%. Even though the immediate reaction was bullish, the major indices reversed sharply throughout the session to close in negative territory. The S&P500 finished with a loss of -1.01%, while the Nasdaq closed down by -0.57%. One must note that while most traders were surprised with the end of day loss, yesterday’s session was characterized by a classical ‘buy the rumor sell the fact’.
From a technical point of view the major indices are over extended and any correction is acceptable.
[You must be registered and logged in to see this image.]
Read the full article at [url=Dodjit.com][You must be registered and logged in to see this link.]
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