US equities have cooled from an intra high of sp'1889 to 1859 (1.5% swing), but now rebounding from the hourly 10MA. Price action remains shaky, but with each passing hour, the 1812 low is solidifying as a short term low. Oil is holding sig' gains of around 3%.
Well... a trend break remains a trend break.
Despite the ongoing shaky price action... we are 50/60pts above yesterday's low.. and it doesn't seem like we'll be trading that low for at least a few weeks.
For now... it is a case of be long.. or at least no shorts.
There will clearly not be another rate hike next Wednesday, nor at the following FOMC of March'16th.
If I am correct about broader downside to the sp'1600s, that rules out another hike until at least Q4... and even then, would the Fed dare?
The market is similarly minded, as the bank stocks are still struggling.
Indeed... clown finance TV is asking the question..
The answer is clearly no... at least for the 'mid term'.
Barring the apocalypse, I'll return at the close.