It's Going Down...

The stock market saw another wild swing today but what stuck out the most was the two rare market moves that happened on Fed day. Surprisingly, there was a change to the FOMC statement that the market took as dovish. This lead to the biggest increase all year off a of a release and it stayed there, but shortly after Jerome Powell began his press conference, the market gave back the gains and more. Poor earnings after the bell from QCOM & ROKU didn't help but overall Powell played a new move on the market that left everyone with a hawkish taste. Analysts and investors will debate this over the next few days but the real key is in the jobs report. After this brief market recap and stock analysis, I go over my portfolio and 3 stocks for tomorrow. My initial reaction to today was bullish but as the facts changed and Powell solidified the narrative, I turned bearish and will feel that way till the jobs report. I will be shorting bonds as a reaction to the terminal rate comments and XOM stock if the dollar continues to rise from here.

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