Market Update June 16th

Good Morning,

Yesterday we saw a new all time high early in the day followed by a fade and sideways kind of day which is not at all unusual heading into the FOMC rate decision at 2 PM Eastern today and Fed Chair Powell's press conference at 2:30 PM. We are likely to see more choppy sideways action into these events followed by some volatility after the events - especially the press conference assuming that we don't get a surprise rate hike. Keep in mind that with all FOMC events we usually see a reaction and then a counter reaction before getting a true direction, and we do not want to chase those moves. I ran my normal scans today, and there was very little in the way of good setups outside of financial names, and that is not a sector I want to be in heading into the FOMC. As a result I will be focused on day trades this morning and probably just be an observer through the Fed driven volatility in the afternoon.

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