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John Jagerson
Editor, SlingShot Trader

Wade Hansen
Editor, SlingShot Trader

Weekly Update: Sep 21, 2016

The Federal Open Market Committee (FOMC) announced today that rates would remain where they are “for the time being,” and the initial reaction from the market wasn’t outside the norm. Traders bid stock prices up, while the dollar fell — at least at the time of the announcement. As usual, we expect prices to continue oscillating today as traders react to Fed Chair Janet Yellen’s press conference. It is worth noting that three members of the FOMC dissented in favor of a rate hike, which is the most we have seen since 2014.

However, we will still have to give the market a day or two to settle down enough before we can get a better read on where traders really think prices should be and which sectors will do better or worse over the next few weeks. Tentatively, we think some technology groups and commodities could benefit from the announcement, while finance and banking could present some bearish opportunities.

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Today’s Market

NASD 5305.75 -33.78 -0.63%
S&P 500 - - -
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