Today the federal reserve announced they would not raise interest rates, rather they would stand pat.
The market hates uncertainty. We went from everyone and their mom talking about interest rates dropping which would spike economic activity (this is a phallacy we will get into later), to everyone anticipating hikes.
That did not happen today. We are left unsure of when rates will move and in which direction. The market did not like that and took a tumble along with a few of our positions. While some of our positions (PFE, NEM and PYPL) stood strong, others (BMY, KHC, BTC) fell down a bit. We anticipate these will all rise back to their promising trajectory soon.
We had a very strong earnings show from PFE and KHC this week and our technical and financial indicators detailed in our analysis pages (see under portfolio) are still on pace.
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