It seems that the Fed's out-smarted the bears again, as the rate increase yesterday didn't affect the market at all today. You could have just slept in, and you wouldn't have missed a thing. It's funny how well they plan out every move they make, with such precision. So what's the next move you ask? The opposite of what you expect of course.
I'll try to piece this together for my weekend post, but I don't think the market is ready to rollover yet. I'm looking for more of the same old grind sideways to up next week too. Yes, I think we will rollover and take a breather first. But after that, we are probably going to go a little higher.
Now keep in mind, I'm a bear by nature, but I'll trade both ways if required. However, I'm really more interested in waiting for the next leg down to occur. I really don't like to trade this choppy market as I just get beat up too much. I'm a swing trader, not a day trader, and although some days I'm able to chat here frequently on the blog...other days I'm just too busy. So if don't response immediately, it means I'm too busy that day, but I will get to your question when I can.
Not much else to add... it was a boring option expiration day pretty much. Enjoy your weekend folks. I certainly need too, as I've be slapped around all week by this big ugly bull. Time for a nice rest now. Come back late Sunday for more thoughts, predictions, and crystal ball rubbing.