The market is currently discounting another rate cut
today. There is no sense in trying to game the Fed.
The market's oversold condition has slowly worked its
way off and we suspect that if the market jumps on a
rate cut that sellers will pounce on it the way they did
Microsoft's good earnings report last week.
When the pullback turns the corner we will reload with
new short positions. Meanwhile it's a good plan to
just sit on our hands while others jump in and
assume the risk involved in trying to trade the Fed
today.
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