Ready for Some Raising
It was a fairly standard day of consolidation again on the indices today, with some pullbacks keeping bulls honest in front of the big FOMC decision tomorrow.
However, we did have some fireworks below the surface, with TSLA rallying on heavy buy volume back over resistance. In addition, one biotech, TSRO, got taken out back and sold off ferociously after a strong uptrend, while CLVS, another mid-cap bio, surged up and out of a sideways daily chase price base.
Precious metals miners also gave up yesterday's gains, and then some, raising the stakes for them to perform well tomorrow, post-Fed, in light of their placement at long-term support we looked at last week in order to maintain a bull case for a massive bottom intact.
Overall, the market has had plenty of time to contemplate a likely rate hike tomorrow. The Fed's statement and Yellen's presser may tip the scales as to how stocks and commodities, not to mention bonds of course, want to act into the spring months.
See you after the bell for my recap.