The market was quite tepid ahead of the FOMC statement release. Volume was running light ahead of the announcement, but typical ahead of any FOMC release. Immediately after the release stocks jumped higher, pulled back only to return back to new highs and set a new high of the day. The impressive action continues the rally off the February lows when oil producers hinted at a production freeze. Crude oil finished higher nearly 6% for the day as the US Dollar fell. Lowering expectations of rate hikes from 4 to 2 told the market the Fed was quite dovish despite the current Administration’s assertion the economy is great. Regardless of what anyone thinks our uptrend remains. Stick with it.
Our uptrend continues and we are in an operational buy mode. There are some kinks in the armor here, but for now all we know is price continues to want to move higher. Regardless of whatever a pundit may have to say the trend is our friend. Have a process to identify when to go long/short, how much, and when to get out. It is quite that simple. The hard part is actually following the strategy. Far too many times traders will outsmart themselves and think they know better than the system they have in place. Until you are able to execute relentless with the utmost discipline you are not ready for the prime time. We will help you get there.
There are trades to be had in this market. If you thought this was just a dead cat bounce you missed out on upside. Sure, this thing can end tomorrow in dramatic fashion. However, we have our exits in place to avoid losing our gains. Keep the gains!
