The markets hesitated today after making a decent move higher yesterday. The FOMC raised interest rates by 25 basis points (0.25%), which was in line with market expectations. We saw an almost direct rally after the announcement, retracing only slightly into the close.
We expected a little hesitation like today's move after the FOMC event and initial reaction. Although the markets closed lower, it was on less volume and did not retrace much of yesterday's gains. This action should lean our bias toward the bullish side. We might see another flat to slightly lower day tomorrow; however, if the markets push higher, then we should look to adding bullish trades going into the weekend.
Monthly options expiration for March is tomorrow. Make sure to close out anything that expires and/or make necessary adjustments.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
