It’s All About the Fed

Keeping it short…

Today is all about Chairman Powell and the Fed.

With recent events pertaining to the global banking system, much focus is on the decision that Chairman Powell.

I am traveling today, so I will keep this short. I believe chairman Powell will raise interest rates 25 basis points. Most likely he will re-iterate their position on inflation and cooling the economy. Most likely he will address the present banking liquidity concerns with some sort of mumbo-jumbo about depositors being hole on their balances.

I would be shocked if there was anything different than that. I don’t expect any indication of a pivot or more quantitative easing than they have done already. If he says anything about providing any form of liquidity over and above what they’ve done, then we have a big problem.

There are a handful of the QQQ ETF top 10 that are in an overbought position on a daily chart. We could see a pullback in those positions towards their support areas.

Until 1 o’clock central, I am not going to make any decisions because that is what the world is waiting for, to hear what Chairman Powell is gonna do next.

Be patient.