The Quiet Wait
A quiet wait, with some nervous anticipation, for the outcome of the Fed meeting.
In the late morning, S&Ps were trading just off the lows at 1244.50. A very tight range thus far today.
The market retains a bearish bias, as it has for the past few trading days. What is that telling us? A 50-basis-point cut by the Fed tomorrow is not a “sure thing.” Thus, the quiet, anxious, anticipation is likely to dominate this market.
NASDAQ, meanwhile, is also trading just off its lows at 1788. Also a very tight range. Nothing of any consequence going on in the pit at this time.
Needless to say, these are not the best conditions to be actively trading. The best place: on the sidelines, at least through mid-day.
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