Why The Corrections After FOMC?
S&P 500 didn't keep premarket gains Friday, and sellers became very active in the first half of the session – did the following rebound, though, fail? In spite of the heavy selling into the closing bell (rarely a good sign, especially on Friday), Nasdaq leadership hasn't been unseated, merely challenged on a daily basis. That was about the brightest spot to mention, bonds including corporate ones aren't painting any Friday‘s great leadership picture, and neither financials nor discretionaries spell easy upside to come.
So, where is the relief to come from, if any? Yields have turned lower following the post-FOMC spike, and given that USD still pushed higher, where do you think foreigners will invest? Will it be Russell 2000 or Mag 7 stocks?
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