A third rate hike

As expected, the Fed raised rates for a third time this year, +25bps to a new target range of 1.25-1.50%. Yellen is now fading into the sunset, and a grander issue is that it will be on Powell's watch, that things start to break.


sp'weekly1b

WTIC, daily

Yellen's last major press conf. Note the 10yr for historical purposes!

Summary

sp: today was just another day for the equity bulls, as the sp' broke a new historic high of 2671, a mere 12pts shy of my original year end target of 2683. Pretty incredible. The 3K threshold seems a given.. whether in late spring... or the summer. Things will get real 'tricky' around 2950/3047. The latter number should be recognised by some out there in fibonacci land.

WTIC: despite bullish inventory data, oil had a tough day, settling -0.9% at $56.60, settling on rising trend that extends back to late August. A break wouldn't necessarily be super bearish, as the m/t trend is currently bullish. Only bearish if <54s. Soft technical upside target are the 61/62s by early spring.
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Looking ahead

Thursday will see the usual weekly jobs, retail sales, import/export prices, and busin' invent'
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Goodnight from London
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