6.29.2006

THERE IT WAS

The Fed Head raises rates another quarter point and the markets immediately rally. Not sure what else was said, but I think it is clear that further rate hikes will be data dependent and the economy seems to be moderating.

When the announcement came out the DJIA was +83 and the SPX was +9.5, so an immediate ramp of 100 on the DJIA and 13 on the SPX. And the 200 day SMA is in the rear view mirror for now.

So if the day ends now I nailed it with the fade the faders trade (lol).

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