Fed speak over, can we rally now ?

Market was bombarded with every Fed governor giving their verdict on the direction of interest rates, it was a unanimous higher call, even Janet Yellen saying, i am getting ready to hike.

In the aftermath of all of the above, market took it all in stride.

Here is where we are sitting from all time high :

Dow 1.46% away from all time high or 274 points

S&P 500 1.1% away from all time high or 25 points

Nasdaq 1.07% away from all time high or 57 points

RSI are as follows :

Nasdaq @ 58.69

S&P 500 @ 49.62

Dow @ 46.01

In any other times we would not have fared this good, but this is a strong bull market, where rotation is the name of the game.

Last week was a clear indication of resiliency of this market.

I am of the opinion that one hike of .25% will NOT derail this market, be it in September or December.

Market has discounted 1 rate hike and is ready to look beyond Fed governors.

I am also of the opinion, that we may hit new all time highs in Nasdaq and S&P 500, Dow may join following week.

SO, the question is, what is not to like about this TAPE.

A diversified & full exposure may bring $$$ and smile to many participants.

Strong stocks are outperforming either by going down the least on down days or going up the most on good days.

Trend is your friend !

BLOG does NOT give buy or sell.

Saleem