The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
The Fed raised rates but were not exactly overly hawkish in their comments. They’re optimistic, but it didn’t seem like 2-3 more hikes this year was a done deal. Wall Street rallied in a big way on big volume.
The dollar fell hard…financials lagged, but everything else posted solid gains. Gold & silver did great…so did oil. Both groups have been beaten down. Utilities, REITs and other dividend-paying stocks did well. The small caps led. It was a change in character relative to what we’ve become accustomed to.
The AD line, which had been weak, posted one of its biggest days in months.
We knew going in that although the Fed was likely to do exactly what everyone was expecting, the announcement still had the ability to act as an inflection point. So far it has, but we need some follow through.
Long term bias remains up. Short term is no longer “under pressure” and is very close to resuming too.