Mixed Sentiment

Headed into the FOMC Announcement at the bottom of the hour, stocks and indeed many markets are mixed if not indecisive about how position for a few unknown risks. For starters, The Fed may adopt a more hawkish tone than markets anticipate at the moment, not to mention testing President Trump with some subtle swipes. 

What we know with a bit more certainty about the action beforehand is that the AAPL strength sure is masking quite a bit of softness below the surface, particularly in the energy patch and with names like X. FB is rallying into earnings tonight, but it is tough to glean too much from that action. And as we looked at this morning, a name like SBUX is back in the danger zone for a long-term corrective leg down. 

I am particularly skeptical of this bounce in banks, too, as I suspect they may follow the steels down in terms of unwinding some of the post-election winners, if only for a seasonal respite. After the dust settles from FOMC, we have a few names to watch for potential shorts in the financial segment. 

On the long side, some healthcare and biotechs are in play, still, which I will update for Members in my usual Midday Video now.