BarroMetrics Views: FOMC Jan 29 – A Post Mortem
Despite the fact that the FOMC delivered all the market could have expected, US stocks took a nosedive last night:
- The DJIA was down 189.77
- The S&P was down 18.30
- The NASDAQ was down 46.53
- The Russel 2000 was down 15.79
The currency sell-off in the emerging markets copped the blame; but there was a time when the US stock market would have cared little about the goings on in the emerging markets.
The question I asking myself: are we seeing the start of a break in the belief that the FED will sustain the stock market?
For me, it’s too soon to tell.
In any event:
- there are no 18-period swing change in trend pattern in the offing, and
- normally, stock market tops take time to form
so, my strategy remains the same: ‘long or out’