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The FOMC raised rates by 1/4 point. But stocks shrugged off the news.
It was the 10th consecutive rate increase, bringing the key rate to 3.25%. The Fed gave no hint of any let-up in rate increases, saying the risks of inflation and weaker growth can be balanced. The policy statement contained no major changes, and the committee said rates can be raised at a "measured pace."
Since the April lows, the Dow is up 5.8%; the Nasdaq has gained 14%.
In economic news, productivity decelerated to a 2.2% annual rate in the first quarter. Unit labor costs rose 1.3% in Q2, down from 3.6% in Q1.
Here are a few stocks to put on your watchlist for Wednesday:
Baidu (BIDU | Quote | Chart | News | PowerRating) has pulled back two days now. Ideally I'd like to see one more day of backing and filling, but stocks are never on my schedule. If you are looking for a good spot to buy intraday, watch for a large pick up in volume.
Click Commerce (CKCM | Quote | Chart | News | PowerRating) got hammered today. A technical bounce often occurs when you see damage like this. I don't think this would make a good long swing trade, but maybe a short day trade.
VistaCare (VSTA | Quote | Chart | News | PowerRating) is really in the same boat as the stock above. Mind you, I have not looked at any fundamental news on either company--this is strictly a technical play.
Aetna (AET | Quote | Chart | News | PowerRating) looks like it may rally from a double bottom. Volume picked up today as well.
Lowes (LOW | Quote | Chart | News | PowerRating) may rally from a pullback. This stock is above its 50-day moving average and as such is a stronger candidate.
CryptoLogic (CRYP | Quote | Chart | News | PowerRating) got whacked, too, but it closed near the top of its range--a good sign if you're thinking about going long.
Finally, Disney (DIS | Quote | Chart | News | PowerRating) had earnings that beat the street. There was a nice volume pick up on today's bar, and we could see come follow through on Wednesday.
Brice Wightman
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