Fed meeting result was to be announced early afternoon and yet the euphoria began in morning, with some big tech stocks like MSFT and ADBE raising 2%.
Then you have the unbelievable MU moment, where it miraculously recovered from 8% down PM to 2% down. The buy the dip crowd coming in strong, even though the earning was fully priced in (pre-announced) and the guidance was total crap and missed expectations.
Then you got TLRY keep pumping like 8% after previous days 16% pump, based on an old news but released as "new" news by the management to pump the stock.
And then 2pm comes and as expected the fed raised the rate and everything came crashing down.
All these just proves there're still way too much dumb money in this market fueld by decade long QE. The fed should have been more hawkish, indicating the'd hike more than 4 times next year instead of 2. The current market is still a huge bubble and must be cleansed of perma-bulls and drive them to capitulation with a true bear market, only then can the market regain upward momentum and a new, strong bull market would be upon us.
Submitted December 19, 2018 at 08:11PM by nocehr https://ift.tt/2Ah8fAX
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