Here are the names on my screen as investors enjoy relief from the Federal Reserve guessing game. We have gap-and-fade action to start the day on Thursday but good charts are developing. Investors are relieved to have the Fed guessing game in the rearview mirror even though the outcome wasn’t positive. There was a strong gap up open on strong breadth but some selling hit immediately as some folks used the strength as an opportunity to reduce exposure. Big events like the Fed decision on Wednesday often lead to big swings and elevated volatility due to moves by short-term traders and repositioning by longer-term folks. Whether the news is good or bad is momentarily irrelevant, but there is a tendency to read more into the movement than is justified.
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