The Fed delivered a big cut but it was a case of ‘sell the fact’ as equities couldn’t keep the winning streak going.
I think at the end of the day, you have a ‘Fed put’ now and that wins out but we could see a squeeze tomorrow.
- S&P 500 -0.2%
- Nasdaq Comp -0.2%
- DJIA -0.2%
- Russell 2000 +0.3%
- Toronto TSX Comp -0.2%
The big problem coming into the decision was that stocks were riding a 7-day rally and right up against the all-time highs. As I noted, that’s a tough hand to deal the FOMC.
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