The Federal Reserve left interest rates unchanged, but the policy announcement quickly took a back seat to the market's reaction. Treasury yields climbed, institutions sold into strength, and the major indexes finished at or near their session lows, reinforcing that the market remains under pressure. Although the long-term uptrend has not yet been broken, Wednesday's action suggests a market that is becoming less forgiving as distribution broadened and buying conviction faded into the close. In response, we reduced long exposure in lagging and extended positions, as well as stocks heading into earnings without sufficient profit cushions to justify overnight risk. We continue to hold our $SPY short position as a portfolio hedge, which was initiated on July 27 into intraday strength. For
View on X ↗