Before we get into the market stuff…
Here’s one more photo from 10 days in Colorado.
This was taken up at Chimney Rock, looking out across the valley.
We did a bit of hiking that day — and even though the sun was blazing, the view made it worth every step.
Sometimes in trading, like hiking, you’ve got to pause at the top and see where you’ve come from… before deciding where to go next.
And after today’s Fed meeting, I think we’re at one of those pause points.
What Just Happened
At today’s meeting, Powell held the line — said he’s still reluctant to cut rates, and the market didn’t like that one bit.
We saw a pullback in stocks, and it hit bonds and gold, too.
Even this morning’s GDP number, which came in half a percent stronger than expected, couldn’t get the market fired up.
Why? Because traders already knew the Fed wasn’t about to pivot.
And frankly, Powell’s hands are tied.
You can’t cut rates when inflation’s still climbing and the economy’s picking up steam.
What I’m Watching Now
I’m not rushing to trade this move just yet.
I want to see how the market digests everything tomorrow — especially with big earnings still coming from the Mag 7 tonight and tomorrow night.
That should set the tone heading into Friday’s Non-Farm Payrolls jobs report — and we’ll know a lot more once we see how those pieces shake out.
Until then, I’m sitting tight…
And keeping my eyes on the charts.
Stay sharp,
— Geof
