The market made a slight higher high today but for all intent and purposes it is still within the sideways Wave 4. So it's up to the Feds to put in that bullish Wave 5 tomorrow. The market thinks there will be an positive announcement based on recent price action and the market is lined up for a rally. How high this final W5 will be is anyone's guess so I'll keep a close watch to find a safe spot to hedge. This rally is 100% based on the Feds so I am sure there will be profit taking once the announcement is made official. One interesting fundamental factor (to me) to watch is what will a higher stock market do for consumption. To my knowledge about 27% of US households hold stocks so if they feel richer, they will be likely to spend more and in turn stimulate the economy. This makes sense in theory and we'll get to see this first hand in the next few consumer confidence reports.
Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day
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