Sideways action at best as the market spent the session treading water about the 140 level as funds have turned off the signal to buy, but are not exactly jumping ship. Volume was the lightest we have seen since December 30th (17,740) as traders expressed reluctance in taking on fresh positions in front of today’s post close Fed announcement. The CRB traded to its lowest level since May 10th, chalking up a 9th day of lower lows, with energy products bearing the brunt of the downside, as an unexpected climb in crude inventories halted the longest streak of declines on record. The Fed kept rates steady as expected, announcing that near term risks to the economic outlook have diminished underscoring a gradual pace of rate hikes.
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