Volume ends mixed on the session, but stocks finish strong after the Fed raised rates yesterday for the first time in a year. We did close on the weak side of things, but the market was still able to hang on to most of its gains. There were certainly some bright spots today and we’ll continue to be alert for any new long signals. This market did avoid further selling and it was important for us not to see any follow-through. However, if it continues tomorrow and Wednesday’s low is breached we must adjust. For now, it is steady as she goes.

Sentiment continues to favor the bulls. AAII survey continues to see those who are bullish over the next 6 months above 40%. Bears did creep up over 30%. Neutral respondents continue to falter and now remain under 30%. What a change since the election. NAAIM survey ticked lower after showing active managers were more than 100% allocated to equities. This week we saw some active managers reduce long exposure and the NAAIM exposure index ended at 96.23%. There were some bearish bets placed by a few active managers. Perhaps hedging prior to the Fed.

Have a great Friday and have a great weekend.